Incorporated in Pennsylvania in 1982, Penn National Gaming, Inc. (PENN) is a diversified, multi-jurisdictional owner and manager of gaming and pari-mutuel properties. The company was formerly known as PNRC Corp. and changed its name to Penn National Gaming in 1994 when it became a publicly traded company.
The above chart shows how PENN is regionally diversified across the U.S. As of September 30, 2014, the company operates 26 facilities in 17 jurisdictions: Florida, Illinois, Indiana, Kansas, Maine, Massachusetts, Maryland, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario.
PENN’s operated facilities feature ~31,000 gaming machines, 760 table games, and 3,100 hotel rooms. PENN owns and operates gaming and racing facilities with a focus on slot machines.
In 1997, PENN began its transition from a pari-mutuel company to a diversified gaming company with the acquisition of the Charles Town property and the introduction of video lottery terminals in West Virginia. Since then, PENN has expanded its gaming operations through strategic acquisitions, green field projects, and property expansions.
PENN is a part of the Consumer Discretionary Select Sector SPDR Fund (XLY). Similar companies that actively operate in the U.S. include Boyd Gaming Corporation (BYD), Caesars Entertainment Corp (CZR), and Pinnacle Entertainment, Inc. (PNK).
In the next part, we’ll learn about PENN’s 3Q 2014 results and its earnings guidance for 4Q 2014.