"Things are kind of mushy," said Peter Carlino, the company's chairman and chief executive officer. "They're up; they're down. The wheels aren't coming off the cart. Business is good, it's just not wonderful."
Three properties dragged down the rest of the firm's 19-asset portfolio. It's Hollywood Casino Lawrenceburg [VA] was hurt by the transition to a new facility there, Charles Town [WV] Races & Slots suffered from an unsuccessful marketing program and Zia Park & Black Gold Casio, in Hobbs, NM, was hit by a tough economy in that area.
Recession aside, Penn National is trying to build new projects while other firms are cutting back. It is proposing an $84-million facility in Cecil County, MD; a $564-million Hollywood Casino project in Kansas City, KS; and two facilities in Ohio--in Toledo and Columbus--totaling $600 million. Penn National is awaiting government approvals on all of those proposals.
As for further future developments, Carlino said "we always have an interest in Las Vegas," in response to an analyst question, but the company has no current plans in the area. "It's right place, right time, right opportunity," he said.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
