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

Stocks in this article: PENN

William J. Clifford

Sure. Thanks, Peter. The -- I'm just going to highlight a few items that are in our press release and in our guidance, as well as kind of real quick comments on the quarter. I think relative to the cannibalization in the second quarter, I'd like to believe that it was all brilliant, but we really did do a really good job of estimating what the impact of cannibalization would have been on the quarter for a -- in total. Did we get it perfect by property? No. But in offsetting assumptions between different properties, came in line pretty darn close to what we thought it was going to be.

Relative to some guidance issues, I think in the -- there's been some little bit of confusion about what we're -- how much we had for Columbus in the fourth quarter. All I can tell you is in our guidance last quarter, Columbus was already factored in, in an early fourth quarter opening. Essentially, our guidance for Columbus relative to the EBITDA contribution in the fourth quarter is unchanged from our last guidance. We did increase within our guidance. We've increased one of the new items. It's obviously the Caesars' acquisition in St. Louis, which is factoring in roughly $2.5 million for pre-opening expenses. We do not have either the EBITDA contribution or the expected interest cost associated with the acquisition, because we don't have a firm date yet on when that transaction will close.

Relative to guidance on EPS line items, there is an increase in depreciation relative to our guidance last time, which is accounting for the bulk of the increase in the other below EBITDA line adjustments, and that reflects approximately $4 million for an accelerated depreciation on the Ohio racetrack, the Beulah and Toledo. And then we've got some other adjustments in depreciation, totaling roughly $3.2 million to get us to roughly $7.2 million of adjustments quarter-over-quarter.

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