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Penn National Gaming Inc. (PENN) filed Quarterly Report for the period ended 2011-09-30.
Penn National Gaming Inc. has a market cap of $2.85 billion; its shares were traded at around $36.35 with a P/E ratio of 19.1 and P/S ratio of 1.2.
This is the annual revenues and earnings per share of PENN over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PENN.
Highlight of Business Operations:
Gaming revenue increased by $54.1 million, or 9.3%, and $199.5 million, or 12.0%, for the three and nine months ended September 30, 2011, respectively, as compared to the three and nine months ended September 30, 2010, primarily due to the variances explained below.Gaming revenue for Other decreased by $1.5 million, or 45.9%, and $4.9 million, or 45.4%, for the three and nine months ended September 30, 2011, respectively, as compared to the three and nine months ended September 30, 2010, primarily due to decreased gaming revenue at Bullwhackers primarily due to a restructuring at the property in the fourth quarter of 2010 which included a reduction in the number of gaming machines.
Gaming expense for our Midwest segment decreased by $4.1 million, or 3.8%, and $10.2 million, or 3.1%, for the three and nine months ended September 30, 2011, respectively, as compared to the three and nine months ended September 30, 2010, primarily due to an overall decrease in gaming taxes resulting from decreased taxable gaming revenue mentioned above, as well as to a lesser extent decreased marketing costs and payroll expense primarily due to increased cost management efforts. In addition, gaming expense also decreased due to the expiration of the 3% surcharge in July 2011 for Hollywood Casino Joliet and Hollywood Casino Aurora in conjunction with the opening of the new casino in Des Plaines, Illinois.
General and administrative expenses for our Southern Plains segment decreased by $2.7 million, or 9.2%, and $8.1 million, or 9.4%, for the three and nine months ended September 30, 2011, respectively, as compared to the three and nine months ended September 30, 2010, primarily due to increased cost management efforts to mitigate lower levels of gaming revenue.
Net cash used in investing activities totaled $222.7 million and $415.5 million for the nine months ended September 30, 2011 and 2010, respectively. Net cash used in investing activities for the nine months ended September 30, 2011 included expenditures for property and equipment totaling $203.5 million and investment in joint ventures, net of proceeds received from the sale of our interest in the Maryland Jockey Club of $74.2 million, both of which were partially offset by cash acquired, net of acquisitions of businesses and gaming licenses of $9.6 million, insurance proceeds related to damaged property and equipment for the Tunica flood of $3.9 million, proceeds from the sale of property and equipment totaling $11.6 million, and a decrease in cash in escrow of $29.9 million. The decrease in net cash used in investing activities of $192.8 million for the nine months ended September 30, 2011 compared to the corresponding period in the prior year is primarily due to decreased expenditures for property and equipment as a result of decreased expenditures for Hollywood Casino Perryville which opened in September 2010 and for Hollywood Casino Joliet as the permanent land-based pavilion opened in December 2010. Also contributing to the variance was cash proceeds received for the sales of our interest in the Maryland Jockey Club and land in Columbus’s Arena District in the third quarter of 2011 and the acquisition of Beulah Park in the third quarter of 2010.
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