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Penn National Gaming Inc. Reports Lower Revenue and Profit

Casino News - August 1st, 2009 - Written by Bonnie

Times are tough for businesses all over America and profit reports from Penn National Gaming show just how tough the economy has been on the gambling industry. It was reported by operator of Penn National Gaming Inc. that profit is way lower expectations this year, in fact 23% below what they had originally estimated. This comes from several of the owned properties falling short of expected results due to the economy.

You may just be asking yourself just how much that really is for a gaming industry and the numbers will astound you. A profit decrease of  23%  in money terms is, going from $37 million to approximately $28.5, or $.27 per share. Revenue took quite a hit as well ringing in at $580.8 million which is 6% lower than expected.

Colorado, Florida, Illinois, Iowa, Louisiana, Main, Mississippi, Missouri, New Jersey, Ohio, Pennsylvania, West Virgina, and Canada are all home to the 19 Penn National Gaming Inc operated casinos. Penn National Gaming Inc. filed official documents with the Nevada Gaming Control Board to request registration as a publicly traded corporation. While Penn has shown interest in the purchase of a Las Vegas Casino, they continue to remain in search of the best deal and hope that their next invested property puts a good spin on the profit and revenue.

With attempts to legalize gambling in certain states moving forward, casino operators can only hope that the low numbers reported will soon begin to rise.

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