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Penn Gaming Expansion Forges Ahead in Q3

WYOMISSING, PA-As shareholders prepare to vote on the $8.9-billion buy-out, the casino and racetrack owner adds properties and ramps up developments.

By Marita Thomas | Updated on October 25, 2007

WYOMISSING, PA-As it awaits a shareholder vote on its $8.9-billion buy-out, Penn National Gaming Inc. reported record third-quarter results with a 7.4% increase in net revenue and a 9.1% rise in Ebitda. Net revenue reached $629.5 million compared with $586.1 million in the prior-year quarter, and Ebitda rose to $177.6 million versus $162.8 million in third-quarter 2006.

Because of its pending sale to a joint venture between New York City-based Fortress Investment Group LLC and Centerbridge Partners LP, the results were released without a conference call. The sale would take Penn National private and keep its current management team intact. In a statement accompanying the third-quarter results, Peter Carlino, chairman and CEO, says, “we expect to soon establish a date for the special meeting of shareholders to consider and vote on the proposal.”

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