Penn National reports increase in 2Q revenue

AUSTINTOWN

Hollywood Gaming at Mahoning Valley Race Course’s parent company, Penn National Gaming reported a second quarter revenue year-over-year increase of 9.8 percent today.

Net revenue was $769.4 million in the second quarter of 2016. That’s compared with the $701 million reported in the second quarter of 2015.

Income from operations increased 21.1 percent to $149.3 million.

Adjusted earnings increased 14.5 percent to $223.8 million.

Earnings were slightly below what Penn National expected to report.

“As reported by most jurisdictions, regional gaming industry trends began softening midway through the second quarter and remained so through June,” said Timothy J. Wilmott, president and chief executive officer of Penn National, said in a statement. “While the current operating environment reflects some challenges, our second quarter financial growth reflects meaningful contributions from our expansion and diversification initiatives over the last year.”