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Penn National Gaming

Penn National Gaming
Type Public
Industry Casinos and Horse Racing
Founded 1972
Headquarters Wyomissing, Pennsylvania, United States
Key people Peter M. Carlino (Chairman), Timothy J. Wilmot (President)
Revenue US$D2,436.79 million (2007)[1]
Operating income $497.81 million (2007)
Net income $160.05 million (2007)
Total assets $4.967 billion (2007)
Total equity $1.120 billion (2007)
Employees 15,289
Website pngaming.com


Penn National Gaming, Inc. (NASDAQPENN) is a diversified owner and operator of casino properties, as well as horse racetracks and associated off-track betting facilities primarily in the United States. As of 2008, it operated 20 facilities in 12 jurisdictions, including West Virginia, Illinois, Indiana, Louisiana, Mississippi, Pennsylvania, Missouri, New Jersey, Ohio, Colorado, Maine, and Ontario.

Contents

History

The company traces it roots Penn National Race Course which opened in 1972 in the Harrisburg, Pennsylvania suburb of Grantville, Pennsylvania.[2]

The company was incorporated as PNRC Corp. in 1982 and changed its name to Penn National Gaming, Inc. in 1994. Penn National Gaming is headquartered in Wyomissing, Pennsylvania.

Since 1996 its CEO has been Peter Carlino (born 1946).

In 2005, Penn National acquired Argosy Gaming Company for $2.2 billion making it at the time the third largest publicly held gaming company in the country[3] (behind MGM-Mirage Inc. and Harrah's Entertainment Inc.).

In November 2006 Penn National Gaming failed in an attempt to acquire Harrah's Entertainment. [1] The deal to purchase Harrah's fell through, and Harrah's was eventually taken over by two private equity firms.

In 2007 it acquired Zia Park & Black Gold Casino in Hobbs, New Mexico for $200 million. The assets are primarily the Zia Park Racetrack and its Black Gold Casino on approximately 320 acres (1.3 km2) of land located in Hobbs, New Mexico.

An attempt in 2007 to take company private with a $6.1 billion buyout fell through with prospective buyers, New York-based Fortress Investment Group and Centerbridge Partners. [4]

Operations

Casinos owned

  • Black Gold Casino at Zia Park, Hobbs, New Mexico
  • Boomtown Casino, Biloxi, Mississippi
  • Bullwhackers Casino, Black Hawk, Colorado
  • Empress Casino, Joliet, Illinois (near Chicago)
  • Hollywood Slots at Bangor, Bangor, Maine

Argosy brand

  • Argosy Alton, Alton, Illinois (near St. Louis, Missouri)
  • Argosy Kansas City, Riverside, Missouri
  • Argosy Sioux City, Sioux City, Iowa

Hollywood Casino brand

  • Hollywood Casino Aurora, Aurora, Illinois
  • Hollywood Casino Baton Rouge, Baton Rouge, Louisiana
  • Hollywood Casino Bay St. Louis, Bay St. Louis, Mississippi
  • Hollywood Casino at Penn National Race Course, Grantville, Pennsylvania
  • Hollywood Casino Lawrenceburg (formerly Argosy Lawrenceburg), Lawrenceburg, Indiana (near Cincinnati, Ohio)
  • Hollywood Casino Tunica, Tunica, Mississippi

Casinos operated

  • Casino Rama, Rama, Ontario, Canada

Race tracks

  • Bangor Raceway, Bangor, Maine
  • Raceway Park, Toledo, Ohio
  • Zia Park, Hobbs, New Mexico

References


External links



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