Penn National Gaming Inc., owner of the Hollywood Casino Toledo, said Thursday it earned $20.2 million in the fourth quarter, down considerably from $44 million a year before.
Peter M. Carlino, Penn National chairman and chief executive officer, said part of the 54 percent loss was because of increased economic volatility and a slower than expected ramp-up of the company’s Hollywood Casino Columbus and Hollywood Casino Toledo.
For the year, the Wyomissing, Pa., gaming company said it had a net profit of $212 million on revenue of $2.9 billion. In 2011, Penn National recorded a profit of $242.4 million on revenue of $2.7 billion for a 12 percent loss.
Mr. Carlino said Penn National is approaching 2013 with caution “as consumers continue to adjust to lower discretionary income levels related to higher taxes and other factors.”
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.