Hollywood Slots parent sees profits increase

By Matt Wickenheiser, BDN Staff
Posted Oct. 20, 2011, at 8:21 a.m.

Penn National Gaming, the parent company of Hollywood Slots and Raceway in Bangor, said Thursday it saw profits of $710.9 million in the third quarter.

That was ahead of the $703 million that had been projected, and well more than the $638 million in the same quarter a year ago.

“While concerns about the U.S. and global economies, as well as weakness in the capital markets, persisted throughout the quarter, Penn National did not experience any significant changes in consumer spending patterns at our facilities,” said Peter M. Carlino, chairman and CEO, in the earnings release. “… by actively and conservatively managing our capital structure to provide the financial flexibility to support near- and long-term growth initiatives, the company is well positioned to participate in other domestic and international emerging gaming opportunities.”

Carlino said the company no longer would be breaking out results for individual gaming facilities.

Hollywood Slots is asking voters in Penobscot County to allow the operation to expand to include table games.

Penn National trades on the NASDAQ under the PENN symbol.

http://bangordailynews.com/2011/10/20/business/hollywood-slots-parent-sees-profits-increase-in-q3/ printed on December 18, 2014