Penn National Gaming Inc: Key Developments
Penn National Gaming, Inc. Issues Q4 2009 Outlook Below Analysts' Estimates; Lowers FY 2009 Outlook
October 21, 2009 |
| Penn National Gaming, Inc. announced that for fourth quarter of 2009, it expects net revenues of $577.2 million, EBITDA of $130.2 million, GAAP net income of $17.5 million and diluted earnings per common share (EPS) of $0.16. It updated fiscal 2009 outlook and expects net revenues of $2.3906 billion compared to the previous outlook of $2.4635 billion, EBITDA of $575.1 million compared to the previous outlook of $609.5 million, GAAP net income of $107.9 million compared to the previous outlook of $135.7 million and EPS of $1.01 compared to the previous outlook of $1.27. According to Reuters Estimates, analysts were expecting the Company to report revenues of $605.1 million, EBITDA of $144.8 million, GAAP net profit of $26.1 million and EPS of $0.28 for fourth quarter of 2009; revenues of $2.4353 billion, EBITDA of $600.3 million, GAAP net profit of $131.8 million and EPS of $1.32 for fiscal 2009. |
Penn National Gaming, Inc.'s Penn Cecil Maryland, Inc Announces Contract From Maryland Video Lottery Location Commission To Develop Video Lottery Terminal Facility In Cecil County
October 21, 2009 |
| Penn National Gaming, Inc. announced that Penn Cecil Maryland, Inc., a wholly-owned subsidiary of the Company, has been selected by the Maryland Video Lottery Location Commission to develop and manage a video lottery terminal (VLT) facility in Cecil County. Based on its selection, Penn National plans to exercise its option and complete the purchase of approximately 36 acres of land located in Perryville, from Principio Iron Company L.P. and shortly thereafter commence construction of a $97.5 million Hollywood-themed facility, inclusive of licensing fees, with 75,000 square feet of gaming space, 1,500 VLTs, food and beverage offerings and extensive parking. The facility is expected to open to the public in late 2010. |
Penn National Gaming, Inc. Looking At Fontainebleau Las Vegas-Reuters
September 30, 2009 |
| Reuters reported that Penn National Gaming, Inc. is considering acquiring the unfinished Fontainebleau resort, which sits toward the northern end of the Las Vegas Strip. |
Penn National Gaming, Inc. Granted Amendments To Extend Maturities and Expand Senior Secured Credit Facilities
September 24, 2009 |
| Penn National Gaming, Inc. announced that, following appropriate regulatory approvals and notifications, it amended its $2.725 billion senior secured credit facilities to extend certain maturities, expand availability, allow for debt and equity repurchases, potentially further expand the facility and extend maturities and modify compliance covenants. Separately, the Company also announced that it has used the net proceeds of its August 2009 private placement of $325 million principal amount of 8¾% Senior Subordinated Notes due 2019, to redeem $94.5 million of its $200 million aggregate outstanding principal amount 6?% senior subordinated notes due 2011, to repay $110 million of borrowings, together with accrued and unpaid interest thereon, under its term loan A and term loan B facilities and to repay $114 million of borrowings under its revolving credit facility. Pursuant to the terms agreed to with its lending group, Penn National secured the following amendments (the Second Amendment) to its Credit Agreement, dated as of October 3, 2005: extended the maturity date of $366 million of revolving commitments from October 3, 2010 to July 3, 2012 under a new tranche B revolving facility which will contain pricing 150 basis points higher than the Company's existing revolving facility; provide for additional revolving commitments under the tranche B revolving facility of $275 million. |
Penn National Gaming, Inc. Enters To Acquire Cordish`s Interest In Kansas Entertainment, LLC; Penn National Gaming, Inc. And International Speedway Corporation to Jointly Develop Hollywood Casino
September 10, 2009 |
| Penn National Gaming, Inc.'s subsidiary Penn Hollywood Kansas, Inc announced that it has entered into an agreement, with principals of The Cordish Company, the managing member of Kansas Entertainment, LLC, whereby Penn National has agreed to acquire Cordish`s 50% interest in Kansas Entertainment, LLC and their role as managing member. As a result of the agreement with Cordish, Penn National will join Kansas Speedway Development Corporation, a wholly owned subsidiary of International Speedway Corporation (which owns the other 50% of Kansas Entertainment, LLC) in its pending application with the Kansas Lottery Commission to develop and operate a Hollywood-themed entertainment destination facility overlooking Turn 2 at Kansas Speedway in the North East Gaming Zone in Wyandotte County, Kansas. Penn National and International Speedway Corporation will share equally the cost of developing and constructing the proposed facility and intend to jointly seek third party financing for the project. If such third party financing cannot be obtained on satisfactory terms, Penn National and International Speedway Corporation have committed to fully finance the project on such terms and conditions upon which they mutually agree. Penn National and International Speedway Corporation are currently finalizing certain operating and economic terms of their partnership and intend to provide additional disclosure about financial and project terms once they are completed. |
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