Net revenues reached $826m in the second quarter of 2018 for the operator, up 3% year-on-year.
Income from all operations was up an impressive 3%, totalling $181.8m for the quarter.
Penn Gaming was clearly buoyed by the results, as the company looks to continue its strong progress by supporting the expansion of sports betting across the US.
Timothy J. Wilmott, Penn Gaming CEO, said: “We are continuing to engage with state lawmakers in our other jurisdictions to advocate for passage of sports betting laws with reasonable tax rates and license fees, similar to legislation enacted in the West Virginia, Mississippi and Nevada models.”
Impressively, Penn’s net income also rose, moving from $17.1m in Q2 2017 to $54m in Q2 2018. The company’s guidance figures had targeted revenue of $45.4m, proving the unexpected level of success.
Wilmott added: “Penn National delivered another strong quarter in which we exceeded our guidance for income from operations and adjusted EBITDA. Our solid second quarter results are largely attributable to same store revenue growth at nearly two-thirds of our gaming operations and the continued success of our ongoing margin enhancement initiatives.
“As a result, all three of the company’s operating segments generated year-over-year adjusted EBITDA growth. Our margin enhancement initiatives, which began last October, continue to yield results, with ongoing focus on procurement, marketing and labour.”
Along with sports betting as an additional means of revenue, earlier this month Penn applied for approval from the Pennsylvania Gaming Control Board to operate online casino games.
The company also recently received approval from the Ohio Casino Control Commission and the Louisiana Gaming Control Board regarding its $2.8bn deal to acquire Pinnacle.
