A Useful A-to-z On Key Factors Of Vegas

A Useful A-to-z On Key Factors Of Vegas

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Penn National Getting Laced Up For Online Gambling In Pennsylvania

Penn has asked the Pennsylvania Gaming Control Board for a 60-day extension on the deadline to submit plans. It expects to have the paperwork ready by September 12, and it figures to be another 18 months before the mini-casinos are built. Sports betting should be live before football season in Mississippi and West Virginia, but Wilmott sounded less confident about that target in Pennsylvania. A projected Q1 2019 launch for online gaming indicates that Penn isn’t exactly rushing its fences. Overall, the quarter’s numbers looked pretty good for Penn, including a welcomed increase in margins for many properties: Income from operations: $181.8 million, up 34.6 percent Adjusted EBITDA: $247.1 million, up 8.7 percent Margins: Increased by 133 basis points to 29.88 percent, improvement among 18 of 23 gaming operations Traditional debt: Reduced by over $120 million Wilmott’s comments emphasized the improved margins: “Penn National delivered another strong quarter in which we exceeded our guidance for income from operations and adjusted EBITDA. Our solid second quarter results are largely attributable to same store revenue growth at nearly two-thirds of our gaming operations and the continued success of our ongoing margin enhancement initiatives.

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