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About Penn National Gaming, Inc.

Penn National Gaming is a large and diversified gaming company. It owns, operates, and has ownership interests in nearly 30 horse racing and casino gaming facilities (including several riverboats) throughout the US and in Ontario, Canada. Penn National's casinos operate mainly under the Hollywood and Argosy names. Its race track facilities include Raceway Park in Dayton, Ohio; Hollywood Casino at Charles Town Races in West Virginia; and Hollywood Casino at Penn National Race Course outside of Harrisburg, Pennsylvania. Penn National also owns the M Resort near the Las Vegas Strip.


Penn National Gaming (PNG) makes more than 80% of its revenue from gaming, primarily slot machines (more than 85% of gaming revenue) and to a lesser extent table games. Other revenue streams include management service fees from Casino Rama and the company's hotel, dining, retail, admissions, program sales, concessions, and other ancillary activities, as well as its racing operations. Racing revenue includes net earnings from betting, wagering from import and export simulcasting, and wagering from off-track wagering facilities.

Following its 2018 acquisition of Pinnacle Entertainment, Penn National operates some 9,000 hotel rooms, more than 49,000 gaming machines, and about 1,200 table games. 

Geographic Reach

Headquartered in Pennsylvania, Penn National operates facilities in California, Florida, Illinois, Indiana, Kansas, Maine, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario.

The company is structured under geographic lines, reporting revenue for the Northeast, South/West, and Midwest US.

More than half of the company's revenue comes from the Northeast segment. It consists of the following properties: Hollywood Casino at Charles Town Races, Hollywood Casino Bangor, Hollywood Casino at Penn National Race Course, Hollywood Casino Toledo, Hollywood Casino Columbus, Hollywood Gaming at Dayton Raceway, Hollywood Gaming at Mahoning Valley Race Course, and Plainridge Park Casino. It also includes the company's Casino Rama management service contract.

The South/West segment consists of the following properties: Zia Park Casino, Hollywood Casino Tunica, Hollywood Casino Gulf Coast, Boomtown Biloxi, M Resort, and Tropicana Las Vegas, as well as Hollywood Casino Jamul-San Diego operated under a management contract with the Jamul Tribe. The South/West generates around 20% of Penn National's total sales.

The Midwest segment consists of the following properties: Hollywood Casino Aurora, Hollywood Casino Joliet, Argosy Casino Alton, Argosy Casino Riverside, Hollywood Casino Lawrenceburg, Hollywood Casino St. Louis, and Prairie State Gaming. The segment also includes the company's 50% investment in Kansas Entertainment, which owns the Hollywood Casino at Kansas Speedway. It generates some 30% of sales.

The company also owns a part in the Sanford-Orlando Kennel Club, Freehold Raceway, Sam Houston Race Park and Valley Race Park, and other off-track wagering facilities in York and Lancaster, Pennsylvania, as well as in Clementon, New Jersey.

Sales and Marketing

Penn National’s Marquee Rewards program allows customers to earn promotional points that are redeemable for slot play and complimentary gifts. The accumulated points can be redeemed for food and beverages at Penn National's restaurants and products offered at retail stores across the vast majority of the company's casino properties.

Financial Performance

Penn National Gaming's revenue has grown steadily but unspectacularly over the past few years as the general maturity of its competitive markets has made organic growth hard to come by. Growth has come mostly from a series of bolt-on acquisitions. The company has also returned to (weak) profitability after racking up losses in 2013 and 2014.

In fiscal 2017 revenue grew 4% to $3.1 billion thanks to modest net increases in gaming revenue across its the geographic segments, as well as contributions from four acquired videogaming route operators in Illinois. Food, beverage, and hotel revenue was up $26.3 million largely due to the 1st Jackpot and Resorts acquisition completed mid-year in the South/West segment.

Penn National's underlying profitability remains weak. The company posted net income of $473.5 million in 2017, a $373 million increase on 2016. The increase was mostly a result of tax variances: The company released $741.9 million of total valuation allowance in 2017, which was offset by a $261 million charge relating to the 2017 US Tax Cuts and Jobs Act. Setting tax effects aside, the company would have recorded a $25 million loss.

Cash from operations increased 12% to $459.1 million as higher net income was partially offset by adjustments to reconcile deferred income taxes.


Penn National's strategy is to acquire and develop new properties in attractive regional US markets, such as Ohio and Maryland. It relies on cash flow from its properties, mainly cash from slot machines and race wagering, to repay debt accrued from its long history of acquisitions and to fund capital projects and maintenance at new and existing properties. The relaxing of gambling in certain states (such as Massachusetts, Kansas, and Ohio) presents Penn National with both opportunities for growth and increased competitive threats. The company responds to changes in legislation by establishing new properties, such as a slots-only site in Massachusetts and video lottery terminals at racetracks in Ohio. 

Penn National has also been forming joint ventures to further expand its operations in several markets. It formed a joint venture with Sam Houston Race Park to own and operate three Texas racing facilities: the Sam Houston Race Park in Houston, the Valley Race Park in Harlingen, Texas, and a planned racetrack in Laredo, Texas.

Mergers and Acquisitions

In 2018 Penn National Gaming acquired Pinnacle Entertainment, a regional casino operator with 16 facilities for $2.8 billion. The company is present in 11 jurisdictions across the US. As part of the acquisition, Penn divested four properties to Boyd Gaming Corp, leaving a total of 41 properties in 20 jurisdictions in the US and Canada.

In 2016, Penn National acquired based Rocket Games, a leading developer of social casino games, for approximately $60 million in cash. The acquisition was a part of ongoing strategic initiative to acquire emerging growth platforms that allow the company to leverage its core regional gaming operations and database. It also expanded in-house capabilities and further diversified the company's portfolio of leading gaming entertainment assets.

Penn National Gaming, Inc.

825 Berkshire Blvd STE 200
Wyomissing, PA 19610-1247
Phone: 1 (610) 373-2400


Employer Type: Publicly Owned
Stock Symbol: PENN
Stock Exchange: , NASDAQ
Chairman: Peter M. Carlino
President and COO: Jay A. Snowden
CEO and Director: Timothy J. Wilmott
Employees (This Location): 120
Employees (All Locations): 25,750

Major Office Locations

Wyomissing, PA

Other Locations

Longwood, FL
Sioux City, IA
Aurora, IL
Joliet, IL
Kansas City, KS
Baton Rouge, LA
Perryville, MD
Bangor, ME
Biloxi, MS
Robinsonville, MS
Columbus, OH
Carbondale, PA
Grantville, PA
Lancaster, PA
Muncy, PA
York, PA