Penn National Gaming Management Discusses Q2 2012 Results - Earnings Call Transcript

The risks and uncertainties associated with the forward-looking statements are described in today's news announcement and in the company's filings with the Securities and Exchange Commission, including the company's reports on Form 10-K and 10-Q. Penn National assumes no obligation to publicly update or revise any forward-looking statements.

Today's call and webcast may include non-GAAP financial measures within the meaning of SEC Regulation G. And when required, a reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP can be found in today's press release, as well as on the company's website.

With that, I'm happy turn the call over to Peter Carlino, the company's Chairman and CEO. Peter?

Peter M. Carlino

Thank you, Joe, and good morning, everyone. We're happy to report what we believe to be a good quarter. And you'll recall that 2012 is a year that we characterize as a transitional year for the company for all the reasons that most of you well know, and it's proved to be much the case. We realize and appreciate the difficulty you all have in trying to estimate just what our performance is going to be throughout this year. And I think Bill made pretty clear that he wasn't having all that much fun with it either, as he looked ahead in 2012, trying to guess where we're going to be, as we move into a whole new reality in '13 and beyond. So we're especially pleased that we seem to have this quarter pretty well nailed, and it was a good quarter.

Before we get to our Q&A, which we move to very quickly, I think Bill would make a couple of comments, and Tim has a few items that he would like to call your attention to. So with that, Bill?

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