Hollywood Slots parent sees $51M profit

Elizabeth Milliken of Old Orchard Beach plays the slot machines at Hollywood Slots in Bangor in June 2009.
BDN photo by John Clarke Russ
Elizabeth Milliken of Old Orchard Beach plays the slot machines at Hollywood Slots in Bangor in June 2009.
By Matt Wickenheiser, BDN Staff
Posted April 21, 2011, at 8:55 a.m.

Penn National Gaming Inc., the parent company of Hollywood Slots Hotel and Raceway in Bangor, posted profits of $51 million in the first quarter, the company reported Thursday.

That was up from $36 million over the same period a year ago.

“With first quarter results exceeding guidance and cautious expectations for continued positive operating momentum throughout 2011, we are raising our full year 2011 revenue … to $2.7 billion,” Peter M. Carlino, chairman and CEO. “We’re generally seeing a stabilization of consumer spending across our businesses and markets, though we are hesitant to forecast higher revenues based on February and March trends which benefited from favorable weather versus 2010.”

According to the filings, Penn’s Hollywood Slots facility saw $15.3 million in net revenues in the first quarter of 2011, down from $16.2 million in the same period a year ago.

The Bangor facility saw a net loss of $122,000 in the first quarter on its operations, compared to a loss of $407,000 in the first quarter of 2010. That first-quarter loss includes high depreciation costs of $3.2 million, however.

According to the company’s Securities and Exchange Commission Filings, Penn National owns, manages or has ownership interests in 23 facilities in Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Maryland, Mississippi, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, West Virginia, and Ontario. It employs roughly 15,600 employees companywide.

Penn National trades on the NASDAQ under the PENN symbol.

http://bangordailynews.com/2011/04/21/business/hollywood-slots-parent-sees-51m-profit/ printed on September 19, 2014