Penn National Gaming posted strong performances in its Northeast and Midwest segments during the second quarter, it reported Thursday morning, highlighting a campaign that matched expectations and bested previously-issued company guidance.
“Our strong broad-based property results include the continued ramp of Penn National’s Massachusetts and Ohio properties, and reflect the resiliency of Hollywood Casino at Charles Town Races in the face of new market competition,” said Timothy J. Wilmot, chief executive of Penn National Gaming.
Net revenues for the quarter were up 3.5 percent year-over-year to $796.5 million, beating Wall Street estimates by $10.5 million.
The company reported earnings per share of $0.18 – missing Wall Street expectations by $0.08. Revenues beat the consensus estimate by nearly $11 million. EBITDA came in ahead of company guidance but under the $223 million consensus
“The quarterly results were mixed relative to guidance and expectations, which is partly the result of elevated expectations, in our view. Nevertheless, the company continues to make progress in improving key operations and is allocating capital appropriately between investment spending and returns,” said David Katz of the Telsey Group.
“The company continues to benefit from positive customer visitation and spend per visit trends across the majority of its portfolio, deliver industry-leading tax-adjusted margins, and grow cash flows at its wholly-owned assets,” said Steven Wieczynski of Stifel.
Aaron Stanley
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