Penn National Gaming Inc. (PENN), one of the country’s largest operators of regional casinos and racinos, returned to profitability during the fourth quarter of 2011. The company said earnings were $44 million or $0.41 per share compared to the previous year’s loss of $153.1 million or $1.97 per share.
The company now owns the M Resort on the south end of Las Vegas Boulevard, a property that originally was built by the Marnell Family.
During the entire year, the company had revenue of $2.7 billion, surpassing the previous year’s $2.4 billion. Net income was $242.4 million or $2.26 per share compared to a loss incurred the previous year of $59.5 million or $0.76 per share.
Just this past weekend, the company opened a new casino in Kansas and has two casinos under construction in Ohio.
GamingToday’s Micah Roberts went right back to the Oracle for a new Preakness pick and Jay Rood came up with his selection once he knew Union Rags was not headed to Pimlico.
An Internet gambling bill being considered by New Jersey lawmakers could allow Atlantic City’s casinos to take bets from people in other states or countries, although key details remain to be worked out.
The nation’s commercial casinos continued their slow-but-steady comeback from the recession last year, with revenues up 3 percent nationwide and jobs holding nearly steady, according to a report released Wednesday.
Revel, the $2.4 billion casino resort widely seen as Atlantic City’s best hope of survival, trailed most of its competition in its first month of operation, placing 8th out of the city’s 12 casinos.
New signs are up to direct visitors, the sidewalks have been power-washed, crosswalks have been freshly painted and 1,600 people have been hired to inaugurate the Horseshoe Casino Cleveland on Monday.
