Penn National reports net revenue fall in Q3

The company reported its third quarter financial results, which show an increase in income but a net revenue fall.

US.- Penn National Gaming announced its financial results for the third quarter of the year ended September 30 and the first nine months of the year. The gaming operator reported a 2% decrease in net revenue to US$789.7 million.

While net revenue suffered a set back during the three-month period, income from operations rose 8.4% to US$155.8 million, which is a record number for the company. Adjusted EBITDA increased 2% to US$229.7 million.

Adjusted EBITDA after master lease payments was US$114.5 million, which represents a 3.4% hike over the same quarter in 2017. Moreover, traditional debt decreased by US$25.5 million during the quarter.

Timothy J. Wilmott, Chief Executive Officer, commented: “Penn National generated record third-quarter income from operations, led by our Las Vegas properties and the West region overall, despite facing increased competitive pressures in Illinois and Mississippi. Our operating teams continued to execute against our margin improvement initiatives as the company drove further adjusted EBITDA margin improvements across all three operating segments by an average of 115 basis points, to 29%, with 17 of 23 gaming properties delivering improved margins.”