Penn National Gaming
| Public | |
| Traded as | NASDAQ: PENN |
| Industry | Casinos and Horse Racing |
| Founded | 1972 |
| Headquarters | Wyomissing, Pennsylvania, United States |
|
Key people
|
Timothy J. Wilmot (President and CEO) Jay Snowden ( COO) Saul Rebstein (Sr. Vice President, Finance and CFO) |
| Revenue | $2,742.25 million (2011) |
| $499.58 million (2011) | |
| $242.35 million (2011) | |
| Total assets | $4.606 billion (2011) |
| Total equity | $1.971 billion (2011) |
|
Number of employees
|
16,740 |
| Website | pngaming |
Penn National Gaming, Inc. is an operator of casinos and racetracks, based in Wyomissing, Pennsylvania. As of 2012, it owns and operates 26 facilities in 18 states, and manages one casino in Canada.
The company traces its roots to Penn National Race Course, which opened in 1972 in the Harrisburg suburb of Grantville, Pennsylvania.
The company was incorporated as PNRC Corp. in 1982, and changed its name to Penn National Gaming, Inc. in 1994.
In 2003, Penn National bought Hollywood Casino Corp. for $328 million plus $360 million in assumed debt, gaining casinos in Aurora, Illinois; Tunica, Mississippi; and Shreveport, Louisiana.
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 (behind MGM Mirage and Harrah's Entertainment).
In November 2006 Penn National Gaming failed in an attempt to acquire Harrah's Entertainment. The deal to purchase Harrah's fell through, and Harrah's was eventually taken over by two private equity firms.
In 2007 it acquired the Zia Park racino in Hobbs, New Mexico for $200 million.
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.
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Wikipedia