| Type | Public |
|---|---|
| Traded as | NASDAQ: PENN |
| Industry | Casinos and Horse Racing |
| Founded | 1972 |
| Headquarters | Wyomissing, Pennsylvania, United States |
| Key people | Peter M. Carlino (Chairman), Timothy J. Wilmot (President), William J. Clifford (CFO) |
| Revenue | US$D2,436.79 million (2007)[1] |
| Operating income | $497.81 million (2007) |
| Net income | $160.05 million (2007) |
| Total assets | $4.967 billion (2007) |
| Total equity | $1.120 billion (2007) |
| Employees | 15,289 |
| Website | pngaming.com |
Penn National Gaming, Inc. is a diversified owner and operator of casino properties, as well as horse racetracks and associated off-track betting facilities primarily in the United States. As of 2008, it operated 20 facilities in 12 jurisdictions, including West Virginia, Illinois, Indiana, Louisiana, Mississippi, Pennsylvania, Missouri, New Jersey, Ohio, Colorado, Maine, Maryland and Ontario.
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The company traces it roots Penn National Race Course which opened in 1972 in the Harrisburg, Pennsylvania suburb of Grantville, Pennsylvania.[2]
The company was incorporated as PNRC Corp. in 1982 and changed its name to Penn National Gaming, Inc. in 1994. Penn National Gaming is headquartered in Wyomissing, Pennsylvania.
Since 1996 its CEO has been Peter Carlino (born 1946).
In 2005, Penn National acquired Argosy Gaming Company for $2.2 billion making it at the time the third largest publicly held gaming company in the country[3] (behind MGM-Mirage Inc. and Harrah's Entertainment Inc.).
In November 2006 Penn National Gaming failed in an attempt to acquire Harrah's Entertainment. [1] The deal to purchase Harrah's fell through, and Harrah's was eventually taken over by two private equity firms.
In 2007 it acquired Zia Park & Black Gold Casino in Hobbs, New Mexico for $200 million. The assets are primarily the Zia Park Racetrack and its Black Gold Casino on approximately 320 acres (1.3 km2) of land located in Hobbs, New Mexico.
An attempt in 2007 to take company private with a $6.1 billion buyout fell through with prospective buyers, New York-based Fortress Investment Group and Centerbridge Partners. [4]
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