Feb. 04–Penn National Gaming, the company that runs the Tropicana and M Resort in Henderson, reported its fourth-quarter and full-year earnings today.

Company: Penn National Gaming Inc. (NASDAQ: PENN)

Revenue: $734 million in the fourth quarter, up 12.7 percent from the same quarter a year ago. Net revenue for the full year was $2.84 billion,, up 9.6 percent from 2014.

Adjusted earnings: $206.2 million in the fourth quarter and $795.7 million for the full year. That's up 20 percent and 12.2 percent, respectively.

Those figures represent the company's adjusted earnings before interest, taxes, depreciation and amortization. Penn National did not report net income because it is still in the process of restating its financial statements filed since its 2013 spin-off of Gaming and Leisure Properties Inc., a real estate investment trust.

The company has said the restatement is necessary to reclassify its lease with Gaming and Leisure Properties from an operating lease to a financing obligation. It anticipates submitting the restated filings by the end of the month.

What it means: At the Tropicana, Penn National said it's working on updating the slot floor, adjusting the placement of games and "refining the table game mix" as it prepares to introduce its Marquee Rewards loyalty program sometime in the second quarter this year.

At the same time, the company said it is "executing on opportunities to improve hotel yield and margins" at the Tropicana, which is set to benefit from some improved offerings in the food and beverage area by the end of the year.

Chief Operating Officer Jay Snowden said on a conference call that the company had made "significant progress" on improving the Tropicana's gaming experience. He characterized gambling volumes as "anemic," but said that should improve as customers from the Penn National regional database begin to fill more hotel rooms.

As is the case elsewhere on the Strip, the Tropicana's nongaming outlook in the fourth quarter was "very strong," according to Snowden.

He said the company anticipates strong business from group convention customers moving forward, and that hotel room occupancy and average daily room rates are looking good in the first quarter this year, too.

"No doubt we're benefiting from the rising tide effect in Las Vegas until we get everything else where it needs to be from an offering perspective at Tropicana," he said on the conference call.

Penn National's west business segment, which encompasses the Tropicana and M Resort, reported $285.9 million in net revenue for the year, compared to $241.4 million in 2014. The company bought the Tropicana for $360 million in 2015.

Penn National is also moving forward with plans to open the $390 million Hollywood Casino Jamul in Southern California in mid-2016.