Penn National sees drop in earnings

Daily Record Staff//October 17, 2013//

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Penn National Gaming Inc., of Wyomissing, Pa., which owns gambling and racing facilities in 17 states, including Maryland, and Canada, reported its profit fell, partly due to the cost of separating its gambling casinos and its real estate assets into two separate, publicly traded companies.

Third-quarter net income was $41.3 million, or 40 cents per diluted share, on revenue of $714.4 million, compared to $46.4 million, or 46 cents per diluted share, on revenue of $707 million in the 2012 period.

Analysts surveyed by Thomson Reuters had forecast the company would earn 46 cents per share on revenue of $725.17 million in the 2013 period.

The company also attributed the earnings drop to general softness in the gaming industry as competition heats up.

Penn National owns Hollywood Casino Perryville in Cecil County and Rosecroft Raceway in Prince George’s County, where it is hoping to be allowed to build a gambling casino.

Tags: maryland, earnings, Slots, penn national gaming inc., penn national, gambling

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Penn National sees drop in earnings

Penn National sees drop in earnings

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