Penn National reports loss
Penn National Gaming, the Wyomissing, Pa.-based parent company of Bangor's Hollywood Slots, reported a $153 million net loss for 2008.
The year-end net income loss follows a fourth-quarter loss of $378 million, attributed to a decline in the company's share price and an overall reduction in industry valuations that reflect reduced consumer spending, according to a company release. While revenue at Hollywood Slots Hotel and Raceway in Bangor rose over 30% on a year-over-year basis, earnings for the fourth quarter were affected by lower margins due to the operating costs of the new facility.
The company reported net revenues of $2.4 billion in 2008 and expects to see that number rise to $2.5 billion in 2009. The Bangor operation generated $46.6 million in net revenue in 2007 and $55.7 million in 2008, after opening its expanded facility July 1.
Most Recent
Most Recent
Comments