Penn National Gaming Inc. (NASDAQ: PENN) reported Thursday that the company posted a smaller fourth-quarter loss even as gamblers spent less at its properties, according to Associated Press.
The company provided full-year and first-quarter profit outlooks below analysts' expectations, citing gamblers’ conservative spending habits since the recession hit.
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Penn predicts full-year earnings of $1 per share on revenue of $2.43 billion. For the first quarter, it forecast a profit of 23 cents per share on revenue of $596.7 million.
Analysts surveyed by Thomson Reuters expect higher 2010 earnings of $1.39 per share on revenue of $2.52 billion, and see a bigger first-quarter profit of 34 cents per share on revenue of $634.7 million. These estimates typically exclude one-time items.
Penn lost $355.4 million, or $4.54 per share, in the three months ended Dec. 31 compared with a loss of $378.6 million, or $4.77 per share, a year earlier.
Analysts predicted a profit of 18 cents per share.
Net revenue dropped 3 percent to $555.8 million from $571.1 million, with declines in gaming, food and beverage revenue. The results fell short of Wall Street's $573.6 million.
For the year, Penn lost $264.9 million, or $3.39 per share, compared with a loss of $153.3 million, or $1.81 per share, in the previous year.
Annual revenue slipped 2 percent to $2.37 billion from $2.42 billion.
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