Featured in The Wall Street Transcript’s Best CEO Interviews of 2015
Timothy J. Wilmott, President and CEO of Penn National Gaming, Inc. (NASDAQ:PENN), recently interviewed with The Wall Street Transcript for the Gaming and Leisure report.
In his interview, Wilmott said PENN plans to focus on Las Vegas, and that the company is one of the gaming properties with the best operating margins:
During last year, with our $2.6 billion or so of revenues, we generated operating cash flows of about $315 million to $320 million. We have some of the best operating margins in our industry and are viewed as among the best operators of regional gaming properties, in many cases, in very high tax environments, and we consistently deliver very profitable results. Moving forward, we’re going to focus a lot of our energies on the Tropicana Las Vegas on the Strip and activating our 3 million customers on our marquee customer-loyalty program.
When we purchased the property from a Toronto-based private equity firm, it operated the casino for about five years, and they had not generated a lot of contribution from the casino floor. We think we have a lot of revenue upside and ability to drive casino visitation and revenues at the Tropicana Las Vegas over the next three to four years. The 1,500 rooms are in very good shape, but we know we need to upgrade certain aspects of the facility and expect to spend probably between $175 million and $200 million more of capital to improve the casino, food and beverage, and entertainment experience there.
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