Ohio Racinos Boost Penn National Gaming
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Penn National Gaming Inc. reported strong financial numbers for the first three months of 2015 that it attributed to improving regional gaming trends and contributions from new racino properties in Ohio.
Compared with the first quarter of 2014, net income more than doubled from $4.5 million in last year's first quarter to $11 million this year for casino and racetrack owner Penn National Gaming. Reported year over year net revenues improved 3.6% to $664.1 million.
Penn National president Timothy Wilmott credited the opening of Ohio racinos Hollywood Casino at Mahoning Valley Racecourse, which offers Thoroughbred racing; and Hollywood Gaming at Dayton Raceway, which offers Harness racing, for contributing to the improvement. He said their openings in the third quarter of 2014 more than offset the mid-2014 closing of Argosy Casino Sioux City.
"We believe Penn National is well positioned to capitalize on the potential stabilization of regioinal gaming revenue trends and we reamin focused on driving efficiencies from our existing properties, and maintaining a disciplined approach to marketing and promotional activities," Wilmott said. "In addition, we continue to advance our robust development pipeline, including the significant opportunities in Massachusetts and California, where we are pursuing other opportunities to enhance long-term shareholder value."