PNG net income declines despite revenue increase in 2019
Penn National Gaming (PNG) has reported a 53.1% year-on-year decline in net income for 2019 despite reporting a 47.8% increase in revenue for the year.
Total revenue for the 12 months to 31 December 2019 amounted to $5.30bn (£4.10bn/€4.84bn), up from $3.59bn in the previous year following PNG’s acquisition in 2018 of Pinnacle Entertainment, a transaction that expanded the company’s portfolio by a further 40 sites.
PNG saw year-on-year revenue growth across all of its property segments, with the Northeast segment proving to be the main source of income with revenue of $2.40bn, up by 26.9% on the previous year.
Revenue from the South segment rocketed by 184.0% year-on-year to $1.12bn, while Midwest segment revenue was also up by 33.0% to $1.09bn and its West segment climbed by 46.8% to $643bn.