Casino operator Penn National Gaming (PNG) reported some eye-popping financial numbers to close out 2018 thanks to its Pinnacle Entertainment add-ons.
On Thursday, PNG released its Q4 earnings report, which showed revenue of $1.15b, an increase of over $386m from the same period last year. The outsized gains are attributable to PNG”s late-2017 deal for 12 Pinnacle properties, which received its final regulatory approvals last October.
The rest of PNG’s Q4 numbers are similarly skewed, with operating income shooting up $97.6m to $124.4m, while adjusted earnings were up $124.8m to nearly $324m (actually $133.5m after PNG paid landlord $190.4m in rent). But this knife cuts both ways; the company booked a net loss of $42m for the quarter thanks to the acquisition’s transaction costs.
For the year as a whole, PNG’s revenue came in just under $3.6b, and the company expects 2019’s revenue total will top $5.2b. Last year’s adjusted earnings (minus rent) totaled $505.8m, while the 2019 forecast is for nearly $702m.