Newly-acquired properties have increased Penn National Gaming’s year-over-year quarterly results, prompting the casino operator to increase full year expectations.
On Thursday, Penn National announced its third quarter results covering the three months ending September 30th. Revenue grew 14.5% to $739.3m compared to $651.4m over the same period a year ago. Adjusted EBITDA rose to $210.1m from $170.3m.
Much of the increase was due to the June opening of the Plainridge Park Casino in Massachusetts and the two Ohio racing and video lottery terminal facilities that opened in Q3 2014.
Penn National also credited the year-over-year improvements in both customer visits and spend per visit at the majority of its properties.
In line with the good quarterly results, the company has increased its 2015 expectations for net revenues to $2.83b, compared to previous outlook of $2.79b while 2015 adjusted EBITDA is expected to be $771.1m compared to prior guidance of $754.5m.
For the fourth quarter ending December 31, 2015, the company expects adjusted EBITDA of $181.6m, and net revenues of $722.5m.
“We believe Penn National remains favorably positioned for continued adjusted EBITDA growth and enhanced shareholder value in 2016 and beyond,” said President and CEO Timothy Wilmott. “The Company stands to benefit from the disciplined management of our existing properties coupled with growing evidence of an improved operating environment, a full year of operations of Plainridge Park, strengthened operations at Tropicana Las Vegas, the addition of PSG and the opportunity to strategically expand our presence in the VGT market, new online/social gaming opportunities, continued growth and efficiencies at our other recently opened or acquired properties, and a meaningful contribution in 2016 from Hollywood Casino Jamul-San Diego.”