First Quarter Revenue for Penn National Gaming
Penn National Gaming has reported that it has experienced first quarter revenue of $592.3 million. In a press release from the company, the Chairman and Chief Executive Officer of Penn National Gaming, Peter M. Carlino, had the following to say:
“First quarter revenue trends continue to reflect the current macroeconomic environment as well as a greater-than-anticipated impact of weather at several of our properties. Nevertheless, Penn National’s first quarter 2010 EBITDA exceeded guidance by $10.9 million. First quarter 2010 property level EBITDA margins of approximately 27.8% were approximately 80 and 70 basis points below comparable periods in 2009 and 2008, respectively. We believe that the implementation of strategies to strengthen margins in the current environment through a corporate and property level focus on effective marketing programs and spending, other cost reductions, and staffing rationalizations has eased our operating margin declines. We also believe there are areas for continued improvement at several Penn National facilities which will be carefully implemented to avoid impacting customer satisfaction and the competitiveness of our facilities in their respective markets. However, it will take some time to return margins to previous levels generally, and our historically high margins will not be attainable until revenues return to prior levels.”
Carlino went on to say:
“Consistent with our goal of building long-term value for shareholders, Penn National Gaming is focused on optimizing operating results from our existing property portfolio, including the planned addition this year of table games at our facilities in West Virginia and Pennsylvania, while advancing our development and expansion pipeline of new growth opportunities in Maryland, Kansas and Ohio. We are aggressively deploying the Company’s strong cash flow, balance sheet and liquidity position — including cash of approximately $642.5 million at the end of the first quarter — to expand and diversify our operating base. At the same time, we remain prudent and opportunistic in the management of our capital structure, as evidenced by the repurchase during the quarter of 225 shares, or $22.5 million face value, of our Series B Redeemable Preferred Stock at a substantial discount.”
Penn National Gaming is one of the few casino companies in the country that has been successful over the past couple of years in the tough economy. Many casinos across the country have experienced losses in revenue to the point where some dealers are being laid off and others are having their hours reduced from full-time to part-time.
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