Penn National Gaming

Penn National Gaming
Public
Traded as NASDAQ: PENN
Industry Casinos and Horse Racing
Founded 1972
Headquarters Wyomissing, Pennsylvania, United States
Key people
 Timothy J. Wilmot (President and CEO)
Jay Snowden ( COO)
Saul Rebstein (Sr. Vice President, Finance and CFO)
Revenue $2,742.25 million (2011)[1]
$499.58 million (2011)
$242.35 million (2011)
Total assets $4.606 billion (2011)
Total equity $1.971 billion (2011)
Number of employees
 16,740
Website pngaming.com

Penn National Gaming, Inc. is an operator of casinos and racetracks, based in Wyomissing, Pennsylvania. As of 2012, it owns and operates 26 facilities in 18 states, and manages one casino in Canada.

History

The company traces its roots to Penn National Race Course, which opened in 1972 in the Harrisburg 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.

In 2003, Penn National bought Hollywood Casino Corp. for $328 million plus $360 million in assumed debt, gaining casinos in Aurora, Illinois; Tunica, Mississippi; and Shreveport, Louisiana.[3]

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[4] (behind MGM Mirage and Harrah's Entertainment).

In November 2006 Penn National Gaming failed in an attempt to acquire Harrah's Entertainment.[5] The deal to purchase Harrah's fell through, and Harrah's was eventually taken over by two private equity firms.

In 2007 it acquired the Zia Park racino in Hobbs, New Mexico for $200 million.

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. [6]

In November 2012, Penn National announced a plan to spin off 17 of its 29 properties in a new real estate investment trust (REIT), in an effort to reduce taxes and cost of capital, and overcome license ownership restrictions. The REIT would also pursue sale-and-leaseback transactions with other casino operators.[7][8] The spin-off was completed on November 1, 2013, creating Gaming and Leisure Properties, Inc.[9]

In February 2013, Penn National agreed to sell the Bullwhackers Casino in Black Hawk to an investor group led by casino developer John Zimpel.[10]

In April 2015, the company agreed to purchase the Tropicana Las Vegas for $360 million.[11]

Properties

Casinos

Racinos

Race tracks

References

  1. ↑ Penn National Gaming annual reports
  2. ↑ International Directory of Company Histories, Vol. 33. St. James Press, 2000
  3. ↑ "Penn completes Hollywood Casino buy". Dallas Business Journal. March 4, 2003. Retrieved 2012-07-19.
  4. ↑ Argosy Gaming to be acquired by Penn National Gaming - St. Louis Business Journal - November 3, 2004
  5. ↑ https://web.archive.org/20061201225436/http://money.cnn.com/2006/11/29/news/companies/penn_harrahs.reut/index.htm?postversion=2006112907. Archived from the original on December 1, 2006. Missing or empty |title= (help)
  6. ↑ USA Today: Penn National Gaming agrees to $6.1B deal. Retrieved June 15, 2007
  7. ↑ Stutz, Howard (November 16, 2012). "Penn National plans split into two separate publicly traded companies". Las Vegas Review-Journal. Retrieved 2012-11-16.
  8. ↑ Defotis, Dimitra (November 16, 2012). "Penn National Gaming hits jackpot". Barron's. Retrieved 2012-11-16.
  9. ↑ Jamison Cocklin (November 2, 2013). "Penn National forms spin-off company for tax breaks on real estate". Youngstown Vindicator. Retrieved 2013-11-07.
  10. ↑ Andy Vuong (February 14, 2013). "Johnny Z's developer to acquire Bullwhackers casino in Black Hawk". Denver Post. Retrieved 2013-04-27.
  11. ↑ Kimberly De La Cruz (April 29, 2015). "Penn National to buy Tropicana for $360 million". Las Vegas Review-Journal. Retrieved 2015-04-29.

External links

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