Published
Financial

Penn National Gaming reports Q3 revenue rise

US c

pennnational
asino and racetrack operator Penn National Gaming has reported its financial results for the third quarter, posting an increase in net revenue of 3.5%, rising from $739.9m to $765.6m.

The operator’s casino properties in the north-eastern United States contributed more than half of that total, at $396m.

The operator’s interactive division and standalone racing operations grew at the fastest rate of any of its business interests in Q3, rising from $5.4m to $13.5m.

Adjusted EBITDA for the three month period ended 30 September also rose compared to the same time frame last year, growing to $211.3m from $210.3m

Both revenue and adjusted EBITDA fellow slightly below the operator’s projections, which it attributed to “shortfalls at certain properties”, although Penn National noted that these shortfalls were almost offset by lower corporate overhead and stock based compensation expenses, as well as initial contributions from Rocket Games, a developer of casino games acquired by Penn National in August.

Net income grew by 849%, climbing to $46.5m compared to the prior year total of $4.9m.

Timothy J. Wilmott, President and CEO of Penn National Gaming, commented: “Third quarter regional gaming industry trends were largely similar to the second quarter.

“With continued progress throughout 2016 in generating strong free cash flow while actively and conservatively managing our capital structure to de-lever and provide the financial flexibility to support our near and long-term growth initiatives, we believe Penn National is well positioned to benefit from improvements in consumer spending and to take advantage of opportunities for new growth opportunities.”

William Fair was appointed as the operator’s new CFO earlier this month, and will assume his new role in January 2017.

Premium+ Connections
Premium

1xBet Partners

 
Premium

Galaxsys

 
Premium

Digitain

 
Premium

PIN-UP Partners

 
Premium

Sport Generate

 
 
Premium

RISK

 
Premium

GammaStack

 
Premium

Imagine Live

 
Premium

Lynon

 
 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Esportes Gaming Brasil

Ana Carolina Luna Maçães

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...