Penn National Gaming posted their financial report for the first quarter of the year, on Thursday. The company’s revenues have increased by $466.5 million year-over-year to $1.28 billion.
The gaming and gambling giant operates 41 different gambling venues in eighteen different jurisdictions across the US. In its statement to the press, the company has said that many of its venues suffered as operations were ceased temporarily at different locations due to bad weather – still, they managed to remain close to the projections they had for the first quarter.
Penn National posted an operating income of $182.4 million which is an increase of $10.3 million year-over-year. Company’s net income for the first quarter is $41.0 million. Its adjusted EBITDA for the first quarter also improved year-on-year to $391.4 million, an increase of $148.9 million.
Also, the company’s traditional debt decreased by $38.3 million during the quarter. The press release issued by Penn National reads: “As of March 31, 2019, our GAAP traditional net debt ratio was 2.60x and gross and net leverage on a lease-adjusted basis were 6.09x and 5.79x, respectively.”
“Despite the weather challenges we faced this quarter, our strong operating performance allowed us to reduce debt by approximately $40 million in the first quarter,” Timothy J. Wilmott, Chief Executive Officer, of Penn National said.
Two weeks ago, Penn National gaming had also revealed their plans to shut down operations at their the Resorts Casino Tunica which they had acquired back in March, 2017.
Talking about the company’s plans in Pennsylvania, he explained: “Our development projects in Pennsylvania, including the $120 million Hollywood Casino York and the $111 million Hollywood Casino Morgantown, remain on track. The construction timetable for both facilities is anticipated to be 12-18 months following all requisite approvals, including final licensing by the Pennsylvania Gaming Control Board.”