Penn National netted some 6,000 in profit from its operations last year, after it revised an earlier report indicating no profit for 2015.
The profit is welcome news for shareholders of Penn National, which in 2014 reported a $183.8 million net loss. Shareholders only get a penny per share from the profit, but they lost $2.34 per share in 2014.
Penn National initially did not report that profit on its fourth-quarter or year-ending financial reports to the Securities and Exchange Commission (SEC), but recently amended those reports to indicate a profit.
“The restatement and filings have not diminished that transaction or distracted management from our strategic growth initiatives,” Penn National CFO Saul Reibstein said in the restatement.
“Penn National led the industry in separating its real estate assets from its operating assets and, while this was a highly complex transaction, it served to create tremendous value for our shareholders.”
Penn National had to revise its federal reports after being delayed while compiling financial information from its 2013 creation of Gaming and Leisure Properties.
Now up-to-date on its reporting requirements, Penn National says leaseback deals, in which it runs the Tropicana and M Resorts in Las Vegas, but rents, rather than owns, the casino properties, helped it turn a profit.
