Penn National posts another billion-dollar quarter, as revenues continue grow
Penn National Gaming Inc.’s third-quarter results may not have met guidance, but the Wyomissing-based company continues to grow.
In its quarterly report, Penn National said it had net income of $43.7 million in the quarter, or 38 cents per diluted share. Revenue was $1.35 billion.
Adjusted earnings before interest, taxes, depreciation, amortization, and rent costs after lease payments was $407.9 million, with guidance of $408.8 million. The EBITDAR had a increase of $178,2 million when compared to the third quarter of 2018.
“Our results for the quarter reflect the consistency of the consumer that we seen over the past year,” Penn National CEO Timothy J. Wilmott said in a statement. “Our quarterly adjusted EBITDAR of $407.9 million was slightly off guidance of $408.8 million due to a greater-then-expected impact from a new competitor in the Northeast, however, we did manage to offset much of that impact by strong performances from our west and south segments.”