Two casino companies report improved first-quarter results
Two casino companies with Nevada ties had improved first-quarter results, including Las Vegas-based Pinnacle Entertainment which reported record net revenue.
Pinnacle, which owns Cactus Pete’s and The Horseshu in Jackpot on the Idaho border, saw revenue increase by $40.1 million or 7.5 percent to a record $572.8 million for the quarter that ended March 31.
The company reported net income of $27.3 million, 44 cents a share, compared with $19 million, 31 cents a share, a year ago.
“Our first-quarter results demonstrate the strongest financial and operational performance in our history, with records set at both a consolidated level and at multiple properties across our portfolio,” said Pinnacle CEO Anthony Sanfilippo.
Company growth was paced by properties in Louisiana, Iowa, Kansas, Illinois and Colorado.
Meanwhile, Wyomissing, Pa.-based Penn National, which operates the M Resort in Henderson, reported net income of $11 million, 12 cents a share, on revenue of $664.1 million for the quarter. That compares with net income of $4.5 million, 5 cents a share, on revenue of $641.1 million for the same quarter in 2014.
Year-over-year improvements in regional gaming trends bolstered the first half of the quarter, said Penn National CEO Tim Wilmott.
“We believe Penn National is well positioned to capitalize on the potential stabilization of regional gaming revenue trends and we remain focused on driving efficiencies from our existing properties and maintaining a disciplined approach to marketing and promotional activities,” Wilmott said.
Penn also has opportunities managing a tribal casino property near San Diego and a development at Plainridge Park in Massachusetts, scheduled to open June 24.
Contact reporter Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Find @RickVelotta on Twitter.
