Tim Wilmott joined Penn National Gaming in 2008 when it was a relatively small regional casino company, controlled by Peter Carlino, who was the chairman and CEO at that time. The company had completed the purchases of Hollywood Casino Corp. and Argosy Gaming before Wilmott came on board.
Wilmott, who worked his way up through the Harrah’s organization, first as a prestigious president’s associate and later as a regional vice president, was the perfect candidate to organize the organizational efficiencies that were required following those mergers.
Wilmott has also be chairman of the American Gaming Association since 2018, and his term is about to expire.
In 2012 Carlino set up the first gaming real estate investment trust (REIT) Gaming and Leisure Properties Inc. (GLPI) that set the stage for subsequent acquisitions,.
Under Wilmott’s watch, the company bought the M Resort at the far southern end of Las Vegas Boulevard and in 2015 came closer to the Strip with the purchase of the Tropicana.
But the big buy came in late 2018 when Penn bought Pinnacle Entertainment for $2.8 billion in cash and stock. Several other properties were sold to obtain regulatory approval, but the GLPI connection made that deal possible.
Last year, Penn went to another REIT, Vici Properties, a Caesars spinoff, the buy the Margaritaville Casino in Bossier City, Louisiana and the Greektown casino in Detroit.
Replacing Wilmott will be Jay Snowden, another Harrah’s/Caesars alumni, who joined Penn as COO in 2014, becoming president in 2017.
Wilmott says the timing was right for the transition.
“It was important for me to leave Penn when it was well-positioned to continue to grow and create shareholder value for the foreseeable future,” Wilmott said. “We now have a geographic footprint that in the long-term will create value for our shareholders. I’m also leaving at a time where we have a very strong management team that continues to run the businesses more efficiently and more effectively than anyone else in the regional gaming space, as evidenced by our results today. And finally, it was important to me to be able to turn over the keys to someone I can trust, who can take Penn to higher levels of excellence and value creation for shareholders.”
Penn Chairman David Holder said the chemistry was right.
“Tim and Jay have partnered closely over the last eight years, laying a strong foundation for sustained long-term value creation at Penn National, making Jay ideally suited to serve as our next chief executive officer,” he said.
Snowden said he’s ready for the challenge.
“Along with our board, senior management, corporate and property teams, we will continue to build on the foundation laid by (former Penn Chairman and CEO) Peter Carlino and Tim Wilmott,” Snowden said. “We are entering a very dynamic time for our company and I couldn’t be more excited, honored and humbled to lead this amazing company into the future.”
