Penn National CEO Named 'Best Performing CEO' of 2004
LAS VEGAS -- (PRESS RELEASE) -- Peter M. Carlino, Chairman and Chief Executive Officer of Penn National Gaming, Inc. (Nasdaq: PENN) has been named "Best Performing CEO" for 2004 by HVS Executive Search, a leading human resources consulting firm dedicated to the gaming, lodging and restaurant industries.
The award, which was announced in the October 2004 issue of Casino Journal, was presented to Mr. Carlino in Las Vegas during the Global Gaming Expo (G2E) by Keith Kefgen, President of HVS Executive Search, and Steve Goebel, Vice President of HVS. The award is based on an annual study that analyzes the prior year performance of a CEO relative to his or her peers based on corporate financial growth, decision-making methodology and application of the HVS Pay-for-Performance Model, which evaluates financial results relative to a CEO's total compensation. Other criteria for the award include stock price appreciation, market capitalization and EBITDA (earnings before interest, taxes, depreciation and amortization) growth.
"Peter Carlino led Penn National Gaming, which is now celebrating its 10th year as a publicly traded company, to another year of tremendous growth in 2003, highlighted by a nearly doubling of the size of the company through the acquisition of Hollywood Casino Corporation. In each quarter of 2003, every Penn National casino property that was owned for more than a year posted financial gains. Investors recognized Penn National's success as its shares appreciated over 45% in 2003. In continuing to create exceptional value for his shareholders, Peter is well deserving of this year's top honor," said Mr. Kefgen.
"I am honored to be receiving this award and would like to acknowledge the essential role my senior management team and corporate staff have played in helping to develop our winning operational philosophies and strategies," said Mr. Carlino. "I'd also like to thank our General Managers and their respective teams for adopting our goals for growth and taking actions on a daily basis that have improved our market share and operating margins. Over the last decade, Penn National has successfully made the transition from a small rural Pennsylvania racetrack operator to one of the largest public gaming companies in the country. During this time, we've adhered to a strict set of guiding principles and management strategies that include prudent investment and expansion in existing markets, growth through acquisition and appointing managers at our facilities who can improve market share and financial performance through customer loyalty and employee satisfaction. Today, our company is justifiably recognized as one of the outstanding mid-size gaming companies in America."
In 1994, Penn National's first year as a public company, it recorded revenues of approximately $46 million and the Company's total market capitalization was less than $50 million. In 2003 Penn National reported revenues of over $1 billion and its equity market capitalization now exceeds $1.6 billion.
The "Best Performing CEO" award to Mr. Carlino follows the recognition of Penn National Gaming for the fourth consecutive year by FORTUNE Magazine as one of the nation's 100 fastest growing companies.
Penn National Gaming owns and operates: Hollywood Casino properties located in Aurora, Illinois, Tunica, Mississippi and Shreveport, Louisiana; Charles Town Races & Slots in Charles Town, West Virginia; two Mississippi casinos, the Casino Magic - Bay St. Louis hotel, casino, golf resort and marina in Bay St. Louis and the Boomtown Biloxi casino in Biloxi; the Casino Rouge, a riverboat gaming facility in Baton Rouge, Louisiana and the Bullwhackers casino properties in Black Hawk, Colorado. Penn National also owns two racetracks and eleven off-track wagering facilities in Pennsylvania; Charles Town Races & Slots in West Virginia; Bangor Historic Track, a harness racing operation in Bangor, Maine; a 50% interest in the Pennwood Racing Inc. joint venture which owns and operates Freehold Raceway in New Jersey; and operates Casino Rama, a gaming facility located approximately 90 miles north of Toronto, Canada, pursuant to a management contract.