Penn National Q3 net revenue falls despite record income from operations

Penn National has reported net revenue of $789.7m for Q3, a 2% fall year on year.

However, the operator saw income from operations increase 8.4% to $155.8m, a record amount, while adjusted EBITDA rose 2% to $229.7m.

After master lease payments, adjusted EBITDA was $114.5m, an increase of 3.4%.

October was also a significant month for Penn National as it completed its acquisition of Pinnacle Entertainment.

CEO Timothy J. Wilmott said: “Penn National generated record third-quarter income from operations, led by our Las Vegas properties and the West region overall, despite facing increased competitive pressures in Illinois and Mississippi.

“Our operating teams continued to execute against our margin improvement initiatives as the company drove further adjusted EBITDA margin improvements across all three operating segments by an average of 115 basis points, to 29%, with 17 of 23 gaming properties delivering improved margins.”