Wilmott added: 'I am very grateful for the opportunity to have led Penn National through a transformational period in the company's history, including the acquisition of Pinnacle Entertainment, the creation of the industry's first gaming REIT (real estate investment trust) nd other initiatives that have driven growth, created shareholder value and positioned the company for future success. Tim and Jay have partnered closely over the last eight years, laying a strong foundation for sustained long-term value creation at Penn National, making Jay ideally suited to serve as our next chief executive officer.'
In a company statement, chairman David Handler said, 'On behalf of the board, our shareholders and employee teams, we want to thank Tim for his significant contributions to Penn National's transformation during his tenure, including his commitment to operational excellence and shareholder returns. Since January 2018, Wilmott has also served as the chairman of the American Gaming Association. Under Wilmott's leadership, Penn National reported that it expects to more than double its annual revenue from approximately $2.4 billion in 2008 to more than $5 billion projected for 2019.
