PENN beat us for Q2 and we were well above the Street. Outstanding quarter with revenues and EBITDA exceeding expectations. PENN beat Q2 consensus by almost $10MM in EBITDA and us by $6MM.
Guidance for the second half of the year was also raised. If we excluded the $20 million gain and pre-opening expense from guidance, it appears that PENN raised EBITDA guidance about $17 million from prior. New 2011 EBITDA guidance was $723.5 million or $715.1 million after the above non-operating adjustments. Consensus was $694.9 million or $704.3 million after adjusting for the Q2 beat. Thus, PENN provided 2H guidance $10.8 million above the Street ($715.1-704.3), of which $2m falls in Q3.
Here are the property results:
