Key Developments: Penn National Gaming Inc (PENN.O)
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Latest Key Developments (Source: Significant Developments)
Penn National Gaming Inc Issues Q2 2013 Mixed Guidance; Raises FY 2013 Guidance
Penn National Gaming Inc announced that for second quarter of 2013, it expects net revenue to be $793.2 million, adjusted EBITDA to be $225.2 million and diluted earnings per common share (EPS) to be $0.68. The Company revised fiscal 2013 guidance and expects net revenue to be $3.137 billion (prior guidance $3.151.5 billion), adjusted EBITDA to be $875.8 million (prior guidance $711.4 million) and EPS of $2.47 (prior guidance $2.04). According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of revenue of $804 million, EBITDA of $223 million and EPS of $0.66 for second quarter of 2013; revenue of $3.17 billion, EBITDA of $871 million and EPS of $2.50 for fiscal 2013. Full Article
Penn National Gaming Inc Issues Q1 2013 Guidance Below Analysts' Estimates; Lowers FY 2013 Guidance
Penn National Gaming Inc announced that for the first quarter of 2013, it expects net revenue of $799.2 million, Adjusted EBITDA of $224.2 million, Net income of $68.3 million and diluted earnings per common share of $0.64. For fiscal 2013, the Company has revised the guidance and now expects net revenues of $3.152 billion (prior guidance for fiscal 2013 net revenue was $3.202 billion), Adjusted EBITDA of $881.2 million (prior guidance for fiscal 2013 Adjusted EBITDA was $905.1 million), net income of $263.9 million (prior guidance for fiscal 2013 net income was $281.1 million) and diluted earnings per common share of $2.47 (prior guidance for fiscal 2013diluted earnings per common share was $2.62). According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $837.4 million, EBITDA of $230.5 million, net income of $76.51 million and EPS of $0.72 for the first quarter of 2013; and report revenue of $3.257 billion, EBITDA of $893.0 million, net income of $281.9 million and EPS of $2.65 for fiscal 2013. Full Article
Penn National Gaming Inc Reaffirms FY 2013 EBITDA Guidance-Conference Call
Penn National Gaming Inc announced that based on pro forma, for fiscal 2013, it expects EBITDA in excess of $900 million. According to I/B/E/S Estimates, analysts were expecting the Company to report EBITDA of $914 million for fiscal 2013. Full Article
Penn National Gaming Inc Issues FY 2013 EBITDA Guidance-Conference Call
Penn National Gaming Inc announced that it expects EBITDA guidance is north of $900 million. Full Article
Penn National Gaming Inc Announces Intent to Pursue Separation of Real Estate Assets from Operating Assets
Penn National Gaming Inc announced that it intends to pursue a plan to separate its gaming operating assets and real property assets into two publicly traded companies including an operating entity, Penn National Gaming (PNG), and, through a tax-free spin-off of its real estate assets to holders of PENN common stock, a newly formed, publicly traded real estate investment trust (REIT) (PropCo). Under the plan, PropCo will initially own substantially all of PENN’s real property assets and will lease back most of those assets to PNG for use by its subsidiaries, under a “triple net” 35 year Master Lease agreement (including extensions). It is expected that PNG would pay approximately $450 million to PropCo in rent, which would result in a rent coverage ratio of approximately 2.0 times earnings before interest, taxes, depreciation, amortization and rent (EBITDAR). After the proposed separation, PNG would operate the leased gaming facilities and own and operate other assets, which include a casino management contract, a 50% joint venture interest in Hollywood Casino at Kansas Speedway, gaming licenses, seven non-casino racetracks and gaming equipment. Full Article
Penn National Gaming Inc Reaffirms FY 2012 Revenue Guidance; Lowers FY 2012 Earnings Guidance; Issues FY 2013 Guidance Below Analysts' Estimates
Penn National Gaming Inc announced that for fiscal 2012, it expects net revenue of $2.938 billion, adjusted EBITDA of $741.5 million, net income of $226.9 million and EPS of $2.15. For fiscal 2013, it expects net revenue of $3.202 billion, adjusted EBITDA of $905.1 million, net income of $281.1 million and EPS of $2.62. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue EBITDA of $747 million, net income of $243 million and EPS of $2.32 for fiscal 2012; revenue of $3.378 billion, EBITDA of $925 million, net income of $306 million and EPS of $2.88 for fiscal 2013. Full Article
Penn National Gaming Inc Issues Q4 2012 Guidance Above Analysts' Estimates; Raises FY 2012 Revenue Guidance; Lowers FY 2012 Earnings Guidance
Penn National Gaming Inc announced that for fourth quarter of 2012, it expects net revenues to be $782.4 million, adjusted EBITDA of $206.2 million, net income of $59.1 million and diluted earnings per share (EPS) of $0.56. For fiscal 2012, it expects net revenue of $2.938 billion, adjusted EBITDA of $765.3 million, net income of $250.8 million and EPS of $2.37. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $754 million, EBITDA of $187 million, net income of $56 million and EPS of $0.54 for fourth quarter of 2012; net income of $261 million and EPS of $2.46 for fiscal 2012. Full Article
Penn National Gaming, Inc. Issues Q3 2012 Guidance Below Analysts' Estimates; Lowers FY 2012 Guidance
Penn National Gaming, Inc. announced that for the third quarter of 2012, it expects net revenue of $699.3 million, adjusted EBITDA of $184.0 million, net income $58.5 million and diluted earnings per common share of $0.55. For fiscal 2012, the Company expects net revenue of $2.8741 billion (compared to prior guidance of $2.872.5 billion), adjusted EBITDA of $769.0 million (compared to prior guidance of $762.2 million), net income of $261.0 (compared to prior guidance of $261.4 million) and diluted earnings per common share of $2.46 (compared to prior guidance of $2.48). According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $726.7 million, adjusted EBITDA of $187.1 million, net income $61.8 million and EPS of $0.59 for the third quarter of 2012; and revenue of $2.923 billion, adjusted EBITDA of $763.3 million, net income $265.0 million and EPS of $2.51 for fiscal 2012. Full Article
Penn National Gaming, Inc. Issues Q2 2012 Guidance Below Analysts' Estimates; Raises FY 2012 Guidance
Penn National Gaming, Inc. announced that for the second quarter of 2012, it expects net revenue of $711.0 million, adjusted EBITDA of $187.9 million, net income $67.4 million and diluted earnings per common share of $0.64. For fiscal 2012, the Company expects net revenue of $2.872.5 billion, adjusted EBITDA of $762.2 million, net income $261.4 million and diluted earnings per common share of $2.48. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $724.6 million, adjusted EBITDA of $190.7 million, net income $65.3 million and EPS of $0.62 for the second quarter of 2012; and revenue of $2.884 billion, adjusted EBITDA of $734.8 million, net income $240.3 million and EPS of $2.27 for fiscal 2012. Full Article
Penn National Gaming, Inc. Issues Q1, FY 2012 Guidance Below Analysts' Estimates
Penn National Gaming, Inc. announced that for the first quarter of 2012, it expects net revenue of $682.8 million, adjusted EBITDA of $173.8 million, net income $59.5 million and diluted earnings per common share of $0.56. For fiscal 2012, the Company expects net revenue of $2.786 billion, adjusted EBITDA of $720.6 million, net income $236.2 million and diluted earnings per common share of $2.22. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $708.2 million, adjusted EBITDA of $183.7 million, net income $61.3 million and EPS of $0.57 for the first quarter of 2012; and revenue of $2.958 billion, adjusted EBITDA of $742.3 million, net income $242.8 million and EPS of $2.26 for fiscal 2012. Full Article
MGM files proposal for Maryland resort after costly battle
May 9 - MGM Resorts International on Thursday filed a proposal with the state of Maryland to develop an $800 million casino resort, after winning the right to proceed with the project in a costly lobbying effort against rival Penn National Gaming Inc.
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