Published: 4/19/2013

Penn National revenues grow, but profits drop

Penn National Gaming Inc. said visitors spent more money on food and gambling in the year’s first quarter, but higher expenses ate into the profits.

The Pennsylvania-based gaming company, which operates the Hollywood Casinos in Toledo and Columbus as well as other casinos, earned $65.3 million in the first quarter, down 17 percent from the same period last year. The company said revenues were up 8.4 percent to $798.2 million.

Penn National does not break out individual performance of its properties. However, according to the company’s monthly reports to the Ohio Casino Control Commission, Hollywood Casino Toledo has taken in $46.9 million in adjusted gross revenue from its gambling operation so far this year. That figure is the raw difference between what gamblers wagered verses what the casino paid out.

Read more at http://www.toledoblade.com/Economy/2013/04/20/Penn-National-revenues-grow-but-profits-drop.html#dpYloyj7cV1gjBAr.99