Penn National Gaming Q3 revenue exceeds expectations

Newly-acquired properties has increased Penn National Gaming’s year-over-year quarterly results, prompting the company to increase full year expectations.

Penn National Gaming on Thursday announced its third quarter result ending September 30th. Revenue grew 14.5% to $739.3m compared to $651.4m over the same period a year ago. Adjusted EBITDA was $210.1m compared to $170.3m, prior year.

Much of the increase was due to the opening of the Plainridge Park Casino in Massachusetts in June and two Ohio racing and video lottery terminal facilities that opened in last year’s third quarter.

The company also expects to benefit from purchase of the $360m Tropicana Las Vegas in August and Illinois-based video gaming terminal operator Prairie State Gaming.