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Penn still ‘delighted’ with Austintown racino
By Kalea Hall
AUSTINTOWN
Penn National Gaming remains delighted with the performance of Hollywood Gaming at Mahoning Valley Race Course.
“We are very happy to be in Youngstown and very pleased with the performance [there],” said John Finamore, senior vice president, regional operations for Penn National Gaming.
Finamore, who oversees the Austintown racino that opened in fall 2014, said the company continues to look for opportunities to grow the location at 655 N. Canfield-Niles Road.
Since it opened, there have been two slot-machine, or video-lottery terminal, expansions at the property. The location started with 850 slot machines and now has 986. “Racing has also been a very good story for us,” Finamore said.
Wyomissing, Pa.-based Penn National owns, operates or has ownership interests in 27 gaming and racing facilities and video-gaming terminal operations with a focus on slot machines in 17 states. The company also recently expanded into social online gaming offerings with its Penn Interactive Ventures LLC division and the recent acquisition of Rocket Speed Inc.
On Thursday, the company reported fourth-quarter revenue of $742.9 million, up from $734 million made in the fourth quarter of 2015. Full-year revenue was $3 billion in 2016, up from $2.8 billion reported in 2015.
Adjusted earnings were $195.9 million for the fourth quarter of 2016, which compares with $206.3 million reported in the fourth quarter of 2015. Full-year adjusted earnings in 2016 were $843.8 million, up from $796.3 million reported in 2015.
“It’s a good report,” said Alan Silver, faculty member at Ohio University and economic consultant for Nathan Associates. “Penn is doing well because they are diversifying and doing different things.”
In the company’s Northeast segment, which includes the Austintown racino, fourth-quarter revenue was $378,046, down from $385,567 in 2015, and adjusted earnings were $114,905, down from $117,492.
Northeast revenue was $1.56 million for the year, compared with $1.50 million in 2015. Adjusted earnings for the Northeast segment were $489,070, up from $456,599 reported in 2015.