In spite of growth in quarterly revenues, Penn National profit declines

Penn National Gaming, owner of the M Resort, said that it had a growth in revenues by over 8 percent in the first quarter of 2013. However, the year-over-year net income of the company as well as its earnings per share has seen a considerable decline.

Recently, they have announced that they are having plans for building an Indian Casino around San Diego.

The firm said that the overall revenue, which covered the first three months till March 31, was USD 798.2 million. This was an increase of over 8 percent from where it was in the first quarter of previous year.

However, the net income, which was USD 78.6 million in the previous year during this period, came down to USD 65.3 million. Again, the earnings per share, which was 74 cents in the last term, came down to 63 cents in this year.

Peter Carlino, who is the Chairman of the company, said, “In spite of the challenges faced in the first quarter, the operating results of the Southern and East/West Plain Segments of Penn National exceeded what was contemplated by the company’s management. The results in the Midwest Segment were just able to meet the expectation.”

Tweet