Penn National earnings nose-dive in 4th quarter
2/2/2013Penn 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.”