Fri, Nov 28, 2014, 6:11 PM EST - U.S. Markets closed early today


% | $
Quotes you view appear here for quick access.

Penn National Gaming Inc. Message Board

  • dundarra dundarra Oct 26, 2004 3:35 PM Flag

    Missing the point?

    I think the market is sophisticated enough to understand that .02 from Pocono was backed out of this earnings report. I think most were expecting earnings to be .60 or above, not ".58" (adding Pocono back in). I know I was.

    Penn earned .60 last quarter. Compared to last quarter, revenues for CT were up 4.8%, and for Aurora were up 1.7%. Together these two properties contribute roughly 2/3 of Penn's profits. If everything else stayed the same, earnings should have been somewhat above .60. Granted, the hurricane depressed business somewhat at 3 of Penn's smaller properties, but several cents worth?

    When I get a chance, I'll compare Q3 to Q2 in more detail to try to see why we weren't at .60 or above.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • very simple to explain the shortfall from 2Q...

      Casino Rouge had EBITDA of $7.7MM vs. $9MM;

      Boomtown had EBITDA of $3.36MM vs. $3.83MM; and

      Bay St. Louis had EBITDA of $4.17MM vs. $5.95MM.

      Add them all up and the 3q EBITDA from these three southern casinos were about $1.8MM short. Adjust for taxes at 38%, and these three casinos caused nearly a 3 cent drop from the 2Q to the 3Q.

      • 1 Reply to finster63
      • Bay St Louis EBITDA, for example, was down 30% vs. Q2. I don't believe closing 3 days (weekdays, at that) for Hurricane Ivan accounts for a 30% drop.

        DeSanctis tried to explain the poor results during the conference call, making reference to a poor August: marketing into a weak calendar; "did the volumes but revenues werent there" (whatever that means), etc.; none of it made much sense. Then, hurricane in September "didn't help."

        My point is, earnings were a little light, good but not great. Southern casinos seem to be the culprit, but there's more to the situation there than one 3 day hurricane.

14.20+0.38(+2.75%)Nov 28 1:00 PMEST

Trending Tickers

Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.