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Penn National Gaming

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NEWS
December 2, 2013 | By Jonathan Lai, Inquirer Staff Writer
Peter Domenic Carlino, 92, of Blue Bell, who started Penn National Gaming, died Friday, Nov. 29, at Einstein Medical Center Montgomery of heart disease. A Philadelphia native, the youngest of nine children, Mr. Carlino attended Our Lady of Pompeii parish school and graduated from Northeast Catholic High School. He took classes at the University of Pennsylvania and St. Joseph's University, but health issues kept him from earning a degree. Instead, Mr. Carlino went into business, becoming a florist at shops owned by two of his brothers and later establishing his own shop, the Flower Box, in Ardmore.
BUSINESS
October 9, 2010 | By Suzette Parmley, Inquirer Staff Writer
Penn National Gaming Inc. said Friday that it had taken ownership of the M Resort, a hotel casino just off the Las Vegas Strip, for $230.5 million. The company, based in Wyomissing, Berks County, said it had bought all the casino's debt, as well as $160 million of subordinated debt formerly held by MGM Resorts International, from Royal Bank of Scotland P.L.C. The acquisition finally gives Penn National the major-market beachhead it had long coveted. Up to now, it had no presence in Las Vegas or Atlantic City, the nation's two biggest casino towns.
BUSINESS
April 26, 2006 | By Suzette Parmley INQUIRER STAFF WRITER
Penn National Gaming Inc. yesterday reported a higher quarterly profit despite two hurricane-damaged Gulf Coast-area casinos that have not reopened. The Wyomissing owner of racetracks and racinos benefited from strong first-quarter results across most of its properties, particularly from the strength of its Baton Rouge, La., riverboat and improved results at its newly acquired Illinois properties. The company, which purchased Argosy Gaming Co. for $2.7 billion last fall, booked $569.
BUSINESS
December 11, 1999 | By Susan Warner, INQUIRER STAFF WRITER
On a bet that it can move into the casino market, Penn National Gaming, Wyomissing, yesterday said it had agreed to buy two Mississippi casinos for $195 million. The company has operated horse racing tracks, off-track-betting parlors, and slot machines, but not a full-service casino. "We think this is the move that can take us to the next level," said Joe Lashinger, Penn National's vice president and general counsel. Penn National agreed to buy the 200-room Casino Magic hotel and casino in Bay St. Louis and the Boomtown Biloxi casino in Biloxi from Hollywood Park Inc., of Glendale, Calif.
BUSINESS
April 18, 2000 | By Bob Fernandez, INQUIRER STAFF WRITER
Penn National Gaming Inc. is out in front by a nose, so to speak. Having floundered for several years, stock in the Wyomissing gaming company rose 72 percent from $7.50 in late February to $12.88 on April 6. Yesterday it closed at $10.875, up 25 cents. "We have a good story, but nobody knew about it. And then this report came out," William Bork, president and chief operating officer, said. Bork was talking about a research report on the company titled "Small-Cap Diamond in the Rough" by a Lehman Bros.
NEWS
May 7, 2010
WYOMISSING, Pa. - Casino operator Penn National Gaming Inc. and MI Developments Inc. have formed a joint venture that will own and run the Maryland Jockey Club, the companies said Friday. Penn and MI will work together to strengthen racing operations at Laurel Park and at Pimlico Race Course, which hosts the Preakness Stakes. They will also look into possible gaming opportunities. The deal is expected to close in the middle of the year, subject to Maryland Racing Commission approval and other regulatory conditions.
NEWS
March 27, 1996 | By Anthony Beckman, INQUIRER CORRESPONDENT
The bustling intersection of Routes 100 and 113 in Lionville, which already has a YMCA, a public park and two school campuses in the vicinity, might soon have an unlikely addition - an off-track betting parlor. But the township supervisors' chairman has a bit of advice for Penn National Gaming officials pushing the idea: Don't bet on it. "This is a family community and I don't know if we want to bring in people for gaming reasons," Ward Braceland said after an appearance by Penn National officials at a supervisors' meeting Monday night.
NEWS
July 14, 2010
Penn National Gaming Inc. says that its wholly owned subsidiary working on two Ohio casinos has ended its agreement with Lakes Entertainment Inc. Both companies said today that, in exchange for a $25 million cash payment, the Minneapolis-based Lakes Entertainment will no longer be a part of the casino projects that Penn Ventures L.L.C. has planned for Columbus and Toledo, Ohio. The two companies had announced their initial agreement in October 2009, and the terms included Lakes' partly funding Penn National's costs related to passage of the state constitutional amendment to allow casinos in Columbus, Toledo, Cincinnati and Cleveland.
NEWS
July 6, 2010 | By Suzette Parmley, INQUIRER STAFF WRITER
Greenwood Racing Inc., the owner of Parx, the state's top-grossing casino, announced today that Leonard DeAngelo has been named chief executive officer and president as of Monday. Bill Hogwood, Greenwood Racing's former CEO, has been appointed deputy chairman of the company and will assist DeAngelo as he moves into his new role, according to the company. Hogwood will continue to play an active part in Greenwood Racing's affairs, particularly in the further construction and development of its racing and gaming facilities.
BUSINESS
June 16, 2007 | By Joseph Galante INQUIRER STAFF WRITER
Penn National Gaming Inc., the world's third-largest gambling company, announced an agreement yesterday under which it will be purchased by two investment firms for $6.1 billion. Fortress Investment Group L.L.C. and Centerbridge Partners L.P. also will assume $2.8 billion of Penn National's debt. The proposed deal calls for Penn National shareholders to receive $67 a share, a 31 percent premium over the Wyomissing company's closing price Thursday of $51.14. "Penn National has a lot of value," Lawrence Klatzkin, an analyst at Jefferies & Co., told the Associated Press.
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NEWS
June 30, 2014 | BY CHRIS BRENNAN, Daily News Staff Writer brennac@phillynews.com, 215-854-5973
U.S. REP. Bob Brady's dream of a Philadelphia casino to help fund the city's public schools and municipal pensions is dead. Penn National Gaming announced yesterday that it is pulling the plug on its application to build a $480 million casino at 7th Street and Packer Avenue in South Philly. "A contributing factor in our decision to withdraw our proposal was the city of Philadelphia's vocal support for a Center City casino location, despite the fact that two-thirds of the profits from our proposed casino were dedicated to the city's education and pension fund liabilities," Timothy J. Wilmott, president and CEO of Penn National Gaming, said in a company news release.
NEWS
December 2, 2013 | By Jonathan Lai, Inquirer Staff Writer
Peter Domenic Carlino, 92, of Blue Bell, who started Penn National Gaming, died Friday, Nov. 29, at Einstein Medical Center Montgomery of heart disease. A Philadelphia native, the youngest of nine children, Mr. Carlino attended Our Lady of Pompeii parish school and graduated from Northeast Catholic High School. He took classes at the University of Pennsylvania and St. Joseph's University, but health issues kept him from earning a degree. Instead, Mr. Carlino went into business, becoming a florist at shops owned by two of his brothers and later establishing his own shop, the Flower Box, in Ardmore.
BUSINESS
September 7, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
Brandywine Realty Trust , the dominant landlord in Philadelphia's slow-moving office sector, says it has agreed to pay $69 million and take on $238 million in debt to acquire the 75 percent of One and Two Commerce Square that it doesn't already own from Parkway Properties Inc. The combined price works out to about $175 a square foot, down from the $178 a square foot Brandywine paid three years ago (including $25 million in cash, plus debt)...
NEWS
April 28, 2013 | BY DAVID GAMBACORTA, Daily News Staff Writer gambacd@phillynews.com, 215-854-5994
LINCOLN FINANCIAL FIELD will soon play host to an anxious, angst-ridden crowd of people - but they won't be Super Bowl-starved Eagles fans. The Pennsylvania Gaming Control Board is set to hold public-input hearings May 8 and 9 at the stadium as the battle for the city's second casino license lumbers forward. So, why the angst? Three separate proposals call for casino complexes to be built in South Philly, not far from the area that's already home to the Linc, Citizens Bank Park, the Wells Fargo Center and Xfinity!
BUSINESS
April 17, 2013 | By Mike Armstrong, Inquirer Columnist
On a rocky day for the U.S. stock market, shares of two local companies fared especially poorly. UniTek Global Services Inc. lost half of its market value Monday, making it the worst performer on the Nasdaq. The plunge was a reaction to the Blue Bell company's disclosure Friday evening that it would need to restate financial results for 2012 and 2011. In a statement, the company noted that a board investigation had turned up what it said were "fraudulent activities" at a business unit.
NEWS
February 8, 2013 | By Jennifer Lin, INQUIRER STAFF WRITER
Philadelphia schools and the municipal pension fund would get at least $2 million a year if Penn National Gaming Inc. succeeds in its bid to build a South Philadelphia casino, Steve Snyder, senior vice president of corporate development told City Council members Thursday. For the first time, officials for the Wyomissing, Pa. gaming company publicly spelled out its unique casino proposal - one of six now under consideration by the state's Gaming Control Board for the city's second gaming license.
BUSINESS
October 9, 2010 | By Suzette Parmley, Inquirer Staff Writer
Penn National Gaming Inc. said Friday that it had taken ownership of the M Resort, a hotel casino just off the Las Vegas Strip, for $230.5 million. The company, based in Wyomissing, Berks County, said it had bought all the casino's debt, as well as $160 million of subordinated debt formerly held by MGM Resorts International, from Royal Bank of Scotland P.L.C. The acquisition finally gives Penn National the major-market beachhead it had long coveted. Up to now, it had no presence in Las Vegas or Atlantic City, the nation's two biggest casino towns.
NEWS
July 22, 2010 | ASSOCIATED PRESS
WYOMISSING, Pa. - Casino operator Penn National Gaming Inc. said today that its second-quarter net income declined, hurt by onetime charges, but its adjusted results beat analyst expectations. Penn's shares rose $2.44, or 10.12 percent, to $26.54 in midday trading. Its net income was $9.2 million, or 9 cents per share, compared with $28.5 million, or 27 cents per share, a year earlier. Excluding onetime items including a charge to reflect the drop in value of land it hopes to sell in Columbus, Ohio, and the termination of a police services contract at Hollywood Casino in Aurora, Ill., net income was 29 cents per share.
NEWS
July 14, 2010
Penn National Gaming Inc. says that its wholly owned subsidiary working on two Ohio casinos has ended its agreement with Lakes Entertainment Inc. Both companies said today that, in exchange for a $25 million cash payment, the Minneapolis-based Lakes Entertainment will no longer be a part of the casino projects that Penn Ventures L.L.C. has planned for Columbus and Toledo, Ohio. The two companies had announced their initial agreement in October 2009, and the terms included Lakes' partly funding Penn National's costs related to passage of the state constitutional amendment to allow casinos in Columbus, Toledo, Cincinnati and Cleveland.
NEWS
July 6, 2010 | By Suzette Parmley, INQUIRER STAFF WRITER
Greenwood Racing Inc., the owner of Parx, the state's top-grossing casino, announced today that Leonard DeAngelo has been named chief executive officer and president as of Monday. Bill Hogwood, Greenwood Racing's former CEO, has been appointed deputy chairman of the company and will assist DeAngelo as he moves into his new role, according to the company. Hogwood will continue to play an active part in Greenwood Racing's affairs, particularly in the further construction and development of its racing and gaming facilities.
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