Income rises at Penn National
AUSTINTOWN — Penn National Gaming Inc., which owns and operates Hollywood Gaming at Mahoning Valley Race Course, on Thursday reported second quarter net income of $198.7 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Wyomissing, Pa.-based company reported it had profit of $1.17.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 93 cents per share.
The casino operator posted revenue of $1.55 billion in the period, which also topped forecasts. Four analysts surveyed by Zacks expected $1.51 billion.
Penn National Gaming shares have declined 23 percent since the beginning of the year. The stock has increased 77 percent in the last 12 months.