PNGI Reports Strong Financials for 2015
Description:
Racetrack and casino owner Penn National Gaming Inc. reported a 9.6% increase in net revenues for 2015 compared with 2014.
Penn National net revenues for the year surpassed $2.8 billion, helping the company to a 12.2% improvement in adjusted earnings to $795.7 million. For the fourth quarter of 2015, net revenues improved 11.5% year-over-year to $734 million and adjusted earnings were up 24.6% to $206.2 million.
"Penn National's strong fourth-quarter financial results exceeded guidance and wrap up an active and productive 2015, in which we achieved positive operating results for the second straight year, following the separation of the company's operating and real estate assets," PNGI president Timothy J. Wilmott said. "Our progress throughout the year in enhancing operations, profitably, growing market share in several key markets, maximizing operating efficiencies, and the continued success of our expansion initiatives position us for further financial growth in fiscal 2016, all as reflected in the full year guidance provided today.
"The fourth-quarter results reflect year-over-year improvements in regional gaming trends, the ongoing success of our operating teams in driving improved adjusted EBITDA margins, and continued growth at our Ohio properties, including those recently opened in Mahoning Valley and Dayton, as well as in Toledo and Columbus. Results also benefited from our 2015 expansion initiatives, including contributions from Plainridge Park Casino, Tropicana Las Vegas, and Prairie State Gaming, all of which have significant prospects for continued revenue, margin, and adjusted EBITDA growth going forward."