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Racino’s owner posts gains in third quarter

Tribune Chronicle

AUSTINTOWN — Penn National Gaming Inc., which owns Hollywood Gaming at Mahoning Valley Race Course, reported net revenues of $806.2 million for the year’s third quarter — up from $765.6 million for the same period in 2016.

The Wyomissing, Pa.-based company posted $789.3 million in net income for the quarter ending Sept. 30 versus $46.5 million for the same 2016 quarter.

In the same comparison, adjusted earnings increased to $107.3 million from $101.6 million.

“The third quarter marked another period of strong spend per visit trends across all three of our operating segments, leading to consolidated positive same facility revenue and adjusted (earnings) growth that exceeded guidance,” said Timothy J. Wilmott, CEO.

The Northeast segment, which includes Hollywood Gaming in Austintown, brought in the most revenue with $401.8 million, up from $395.7 million; and operating income, $106.6 million, up from $101.8 million. Adjusted earnings for the segment were $127.6 million, up from $124.4 million.

Combined revenue of the company’s four segments, Northeast, South / West, Midwest and other, totaled $806.2 million, up from $765.6 million; combined operating income was $143.7 million, up from $139.3 million; and adjusted earnings were $221.8 million, up from $211.3 million.

business@tribtoday.com

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