Penn National reports earnings increase

Staff report

AUSTINTOWN

Penn National Gaming, the operator of Austintown’s Hollywood Gaming at Mahoning Valley Race Course, reported adjusted income of $795.7 million for 2015, compared with $709.3 million made in 2014.

Wyomissing, Pa.-based Penn National, which operates and owns 27 facilities in 17 states, reported its full-year and fourth-quarter earnings Thursday.

For just the fourth quarter, the company reported adjusted income of $206.2 million, compared with $171.8 million generated in fourth quarter 2014.

Net revenue, or the revenue the company makes from doing business with customers, was $734 million in the fourth quarter, compared with $651.4 million made in the fourth quarter of 2014.

For the full year, net revenue was $2,838.4 billion, compared with $2,590.5 billion made in 2014.

The company surpassed its expectations for both the fourth quarter and the year.

“The fourth quarter results reflect year-over-year improvements in regional gaming trends, the ongoing success of our operating teams in driving improved adjusted margins, and continued growth at our Ohio properties, including those recently opened in Mahoning Valley and Dayton, as well as in Toledo and Columbus,” Timothy J. Wilmott, president and chief executive office of Penn National, said in a statement.

The Austintown facility is included in the company’s East/Midwest segment where the company saw the most profit in the fourth quarter and for the year. For the fourth quarter, the company posted adjusted earnings of $129 million in the segment, compared with earnings of $112 million made in the fourth quarter of 2014.

For the year, adjusted income was $508 million, compared with adjusted income of $439 million reported in 2014.