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Penn National's Revenues Spike 46.7%; Legal Slots Could Up the Ante

WYOMISSING, PA-Penn National Gaming reports a record first-quarter. Revenues reached $225.2 million. Income rose 58.4% to $38.8 million. The company lobbies daily for legal slots in PA and might invest $100 million at its two PA racetracks to accommodate them.

By Marita Thomas | Updated on May 02, 2003

WYOMISSING, PA-By every measure, locally-based Penn National Gaming had a record first quarter. Net revenues rose 46.7% to $225.2 million, compared to $153.5 million in the same quarter a year ago. Income from operations rose 58.4%, up from $24.5 million in first-quarter 2002 to $38.8 million in the quarter ended March 31 this year.

The gains came partially from the company’s acquisition of three former Hollywood Casinos in Aurora, IL; Tunica, MS; and Shreveport, LA, although a majority of facilities owned by Penn National for more than a year also experienced gains in operating incomes. The exceptions were its racing operations in PA and NJ, which were impacted by bad winter weather.

During a conference call, CEO Peter M. Carlino said he was “cautiously optimistic” about the prospects for legalized slot machines at racetracks in PA. Gov. Ed Rendell is a strong supporter of the legislation, and a vote could come as early as this month.

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