{"id":6945,"date":"2014-02-07T21:33:06","date_gmt":"2014-02-07T21:33:06","guid":{"rendered":"https:\/\/forumarchives.tmsites.net\/index.php\/2014\/02\/07\/regional-casino-company-penn-national-reports-888-7-million-net-loss\/"},"modified":"2014-02-07T21:33:06","modified_gmt":"2014-02-07T21:33:06","slug":"regional-casino-company-penn-national-reports-888-7-million-net-loss","status":"publish","type":"post","link":"https:\/\/forumarchives.tmsites.net\/index.php\/2014\/02\/07\/regional-casino-company-penn-national-reports-888-7-million-net-loss\/","title":{"rendered":"Regional casino company Penn National reports $888.7 million net loss"},"content":{"rendered":"<p><!-- Original Post Content --><br \/>\n<img decoding=\"async\" src=\"http:\/\/i57.tinypic.com\/2cfwbc7.jpg\" alt=\"\" \/><br \/>\n\t<span style=\"font-size: 185px\">Penn National Gaming, which owns the M Resort in Henderson that is seen here, reported an $888.7 million net loss in the fourth quarter. (Review-Journal file photo)<\/span><\/p>\n<p>\tBy HOWARD STUTZ<br \/>\n\tLAS VEGAS REVIEW-JOURNAL<br \/>\n\tThe completion of a real estate investment trust spinoff by Penn National Gaming in November caused the regional casino giant to report an $888.7 million net loss in the fourth quarter. Much of the figure was related to more than $1 billion in noncash impairment charges.<\/p>\n<p>\tThe company, which owns the M Resort in Henderson, said Thursday its results for the quarter ended Dec. 31 were hurt by the company\u2019s spinoff of Gaming and Leisure Properties, a publicly traded REIT that owns the real estate associated with 19 Penn casinos, including the M Resort and two under-construction Ohio racetrack casinos.<\/p>\n<p>\tFor the quarter, Penn\u2019s loss per share was $11.40. A year ago, the company reported net income of $20.2 million, or 19 cents per share, for the fourth quarter.<\/p>\n<p>\tBesides the noncash impairment charge of $1.06 billion, Penn National said the company incurred $14.1 million of spin-off related expenses.<\/p>\n<p>\tPenn said its net revenue in the quarter fell 13.3 percent to $644.7 million. Revenue for the company\u2019s east-west region, which includes M Resort, declined 14.5 percent to $258 million.<\/p>\n<p>\tThe company and analysts both cited weakness in regional gaming markets because of weather issues and weak customer spending habits.<\/p>\n<p>\tPenn National CEO Tim Wilmott said the REIT\u2019s spinoff \u201cunlocked significant value for our shareholders.\u201d REIT\u2019s, by law, don\u2019t pay federal income taxes and are required to distribute 90 percent of their taxable earnings to shareholders.<\/p>\n<p>\t\u201cWe believe our development pipeline and recently completed new facility developments and property upgrades also provide Penn with unique growth opportunities amongst our peer group,\u201d Wilmott said.<\/p>\n<p>\tPenn announced last month it was beginning building a $350 million Indian casino near San Diego.<\/p>\n<p>\tPenn is also bidding on potential casino projects in Massachusetts and Philadelphia.<\/p>\n<p>\t\u201cPenn\u2019s pipeline should offset regional weakness,\u201d Macquarie Securities gaming analyst Chad Beynon told investors. \u201c(It) could turn out to be the strongest in the industry.\u201d<\/p>\n<hr>\n<h3>Replies:<\/h3>\n<p>No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Penn National Gaming, which owns the M Resort in Henderson that is seen here, reported an $888.7 million net loss in the fourth quarter. (Review-Journal file photo) By HOWARD STUTZ LAS VEGAS REVIEW-JOURNAL The completion of a real estate investment&#8230;<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-6945","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/6945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=6945"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/6945\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=6945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=6945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=6945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}