Penn National Gaming reports increased revenue for 2015 but will restate financials

Penn National Gaming Inc., the operator of 27 gambling facilities in the U.S. and Canada, had revenue of $2.84 billion in 2015, according to the company, but it has yet to release any net income figures for the year due to a need to restate its financial statements.

In a release accompanying limited financial data for the year, Penn National said the company would release restated financial statements “no later than” Feb. 29. The company said it needs to restate its financial results due to complications arising from the spinoff of its assets into a real-estate investment trust late in 2013.

Revenue for 2015 was up 9.7 percent compared with revenue of $2.59 billion in 2014. The company said that adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2015 was $795.7 million, compared with adjusted EBITDA of $709.3 million in 2014, an increase of 12.2 percent.

Penn National’s primary business is casino gambling, but the company owns a number of racetracks, including Penn National in Pennsylvania, Charles Towns in West Virginia, Mahoning Valley Race Course in Ohio, and Zia Park in New Mexico. Penn National also is a partner in Sam Houston Race Park in Texas.