A huge increase in operational expenses played heavily on the quarterly earnings report of Penn National Gaming Inc. (PENN).
The company said its net income for the period that ended on Dec. 31 fell to $20.2 million or $0.28 per share from last year’s $44 million or $0.41 per share. Revenues increased by 10 percent to $743.8 million.
But operational expenses that rose to $670.5 million from the $570.5 million recorded in 2012 made a major difference in the final report. The company opened two casinos in Ohio during the past year and had a battle royal with MGM Resorts International over a gambling referendum in Maryland.
Ray Poirier is the longtime executive editor at GamingToday.
Contact Ray at [email protected].