Penn National Gaming Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported adjusted EBITDAR of $171.8 million, adjusted EBITDA of $64.0 million and net loss of $250.4 million or $3.18 per diluted share on net revenues of $651.4 million compared to adjusted EBITDAR of $153.2 million, adjusted EBITDA of $83.7 million and net loss of $888.7 million or $11.40 per diluted share on net revenues of $644.7 million reported a year ago. Loss from operations was $304.686 million compared to $1,045.45 million reported a year ago. Loss from operations before income taxes was $312.6 million compared to $1,120.75 million reported a year ago.

For the year, the company reported adjusted EBITDAR of $706.5 million, adjusted EBITDA of $285.1 million and net loss of $233.2 million or $2.97 per diluted share on net revenues of $2,590.5 million compared to adjusted EBITDAR of $776.1 million, adjusted EBITDA of $706.6 million and net loss of $794.3 million or $10.17 per diluted share on net revenues of $2,918.8 million reported a year ago. Loss from operations was $240.42 million compared to $771.97 million reported a year ago. Loss from operations before income taxes was $271.78 million compared to $915.88 million reported a year ago.

For the first quarter ending March 31, 215, the company expects to report adjusted EBITDAR of $183.8 million, adjusted EBITDA of $74.6 million and net income of $9.4 million or $0.10 per diluted share on net revenues of $670.6 million. Depreciation and amortization charges in 2015 are expected to be $44.3 million. Interest expense in 2015 is expected to be $11.6 million. Maintenance CapEx for first quarter of 2015 is estimated at $21 million.

 
For the year ending December 31, 215, the company expects to report adjusted EBITDAR of $739.8 million, adjusted EBITDA of $305.7 million and net income of $41.3 million or $0.46 per diluted share on net revenues of $2,742.3 million. Depreciation and amortization charges in 2015 are expected to be $177.2 million. Interest expense in 2015 is expected to be $57.2 million. GAAP basis effective tax rate for 2015 is currently estimated at 39% and free cash flow before project CapEx and principal repayments of $138 million for the year. Maintenance CapEx for 2015 is estimated at $75 million.

For the quarter, the company recorded impairment losses of $316.529 million against $1,060.571 million a year ago.