Pinnacle Entertainment, Inc. (PNK) has reported a 58.03 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $17.22 million, or $0.28 a share in the quarter, compared with $41.03 million, or $0.65 a share for the same period last year.
Revenue during the quarter grew 10.34 percent to $639.97 million from $580.02 million in the previous year period. Gross margin for the quarter contracted 262 basis points over the previous year period to 45.20 percent. Total expenses were 82.65 percent of quarterly revenues, up from 81.78 percent for the same period last year. That has resulted in a contraction of 87 basis points in operating margin to 17.35 percent.
Operating income for the quarter was $111.01 million, compared with $105.68 million in the previous year period.
Anthony Sanfilippo, chief executive officer of Pinnacle Entertainment, commented, "Broadly, we are pleased with the 2017 first quarter operational performance across our portfolio of businesses. The key indicators of our regional gaming markets are steadily improving and we are carrying significant positive momentum in 2017."
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