Penn National reports first-quarter revenue increase

Penn National Gaming Inc., the company that owns Hollywood Gaming at Mahoning Valley Race Course in Austintown, reported first-quarter revenue today of $664.1 million compared with $641.1 million made in the first quarter 2014.

The net revenue for the first quarter, however, fell short of the company's first-quarter goal of $670.6 million.

Penn National said its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came in at $75.4 million. This is compared with $73.4 in the first quarter 2014 and the company's projected first quarter 2015 goal of $74.6 million.

Earnings per share went from $0.05 in the first quarter 2014 to $0.12 in the first quarter of 2015.

“Penn National Gaming delivered solid first-quarter operating results, with consolidated adjusted EBITDAR, adjusted EBITDA, net income and diluted EPS all exceeding guidance," said Timothy J. Wilmott, president and chief executive officer of Penn National. "The quarter benefited from year-over-year improvements in regional gaming trends — particularly in the first half of the quarter.

"In addition, our earnings reflect contributions from Hollywood Gaming at Dayton Raceway and Hollywood Gaming at Mahoning Valley Racecourse, which both opened in the third quarter of last year and more than offset the mid-2014 closure of Argosy Casino Sioux City," Wilmott said.

For the complete story, read Friday's Vindicator and Vindy.com