Penn National Gaming
|Traded as||NASDAQ: PENN|
|Industry||Casinos and Horse Racing|
|Headquarters||Wyomissing, Pennsylvania, United States|
|Key people||Timothy J. Wilmot (President and CEO)
Jay Snowden ( COO)
Saul Rebstein (Sr. Vice President, Finance and CFO)
|Revenue||US$D2,742.25 million (2011)|
|Operating income||$499.58 million (2011)|
|Net income||$242.35 million (2011)|
|Total assets||$4.606 billion (2011)|
|Total equity||$1.971 billion (2011)|
The company was incorporated as PNRC Corp. in 1982, and changed its name to Penn National Gaming, Inc. in 1994.
From 1996 - late 2013 its CEO had been Peter Carlino. In Nov 2013 Tim Wilmott took when Penn spun off its REIT Gaming and leisure properties Inc.
In 2005, Penn National acquired Argosy Gaming Company for $2.2 billion making it at the time the third largest publicly held gaming company in the country (behind MGM Mirage and Harrah's Entertainment).
In November 2006 Penn National Gaming failed in an attempt to acquire Harrah's Entertainment. The deal to purchase Harrah's fell through, and Harrah's was eventually taken over by two private equity firms.
In November 2012, Penn National announced a plan to spin off 17 of its 29 properties in a new real estate investment trust (REIT), in an effort to reduce taxes and cost of capital, and overcome license ownership restrictions. The REIT would also pursue sale-and-leaseback transactions with other casino operators. The spin-off was completed on November 1, 2013, creating Gaming and Leisure Properties, Inc.
In February 2013, Penn National agreed to sell the Bullwhackers Casino in Black Hawk to an investor group led by casino developer John Zimpel.
- Argosy Alton – Alton, Illinois
- Argosy Kansas City – Riverside, Missouri
- Argosy Sioux City – Sioux City, Iowa
- Boomtown Casino Biloxi – Biloxi, Mississippi
- Casino Rama – Rama, Ontario, Canada (management only)
- M Resort – Henderson, Nevada
- Hollywood Casino Aurora – Aurora, Illinois
- Hollywood Casino Bay St. Louis – Bay St. Louis, Mississippi
- Hollywood Casino Columbus – Columbus, Ohio
- Hollywood Casino Joliet – Joliet, Illinois
- Hollywood Casino at Kansas Speedway – Kansas City, Kansas
- Hollywood Casino Lawrenceburg – Lawrenceburg, Indiana
- Hollywood Casino St. Louis – Maryland Heights, Missouri
- Hollywood Casino Toledo – Toledo, Ohio
- Hollywood Casino Tunica – Tunica, Mississippi
- Hollywood Casino Hotel & Raceway – Bangor, Maine
- Charles Town Races – Charles Town, West Virginia
- Dayton Raceway – Dayton, Ohio (under construction)
- Mahoning Valley Race Course – Austintown, Ohio (under construction)
- Penn National Race Course – Grantville, Pennsylvania
- Sanford Orlando Kennel Club – Longwood, Florida
- Zia Park – Hobbs, New Mexico
- Beulah Park – Grove City, Ohio
- Freehold Raceway – Freehold Borough, New Jersey (50% ownership)
- Raceway Park – Toledo, Ohio
- Rosecroft Raceway – Fort Washington, Maryland
- Sam Houston Race Park Ltd. (50% ownership)
- Penn National Gaming annual reports
- International Directory of Company Histories, Vol. 33. St. James Press, 2000
- "Penn completes Hollywood Casino buy". Dallas Business Journal. March 4, 2003. Retrieved 2012-07-19.
- Argosy Gaming to be acquired by Penn National Gaming - St. Louis Business Journal - November 3, 2004
- http://money.cnn.com/2006/11/29/news/companies/penn_harrahs.reut/index.htm?postversion=2006112907. Missing or empty
- USA Today: Penn National Gaming agrees to $6.1B deal. Retrieved June 15, 2007
- Stutz, Howard (November 16, 2012). "Penn National plans split into two separate publicly traded companies". Las Vegas Review-Journal. Retrieved 2012-11-16.
- Defotis, Dimitra (November 16, 2012). "Penn National Gaming hits jackpot". Barron's. Retrieved 2012-11-16.
- Jamison Cocklin (November 2, 2013). "Penn National forms spin-off company for tax breaks on real estate". Youngstown Vindicator. Retrieved 2013-11-07.
- Andy Vuong (February 14, 2013). "Johnny Z's developer to acquire Bullwhackers casino in Black Hawk". Denver Post. Retrieved 2013-04-27.