Penn National Has Record First Quarter

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Charles Town Races' slot machines and video lottery terminals were the primary reason Penn National Gaming set first quarter records for revenue, earnings, and net income.

Revenue for the pari-mutuel and casino company based in Grantville, Penn. climbed 101.5% to $106.2 million for the first quarter ending March 31. Revenue for the first quarter of last year was $52.7 million. Earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped 122.6% to $22.3 million, up from $10 million for the same quarter of 2000. Net income rose 27.5% to $4.6 million, or 30 cents per diluted share, compared with a year ago when the first quarter net income was $3.6 million, or 24 cents per diluted share.

At Charles Town, revenue for the first quarter increased 45.9% to $41.1 million and EBITDA rose 64% to $11 million. The company's first quarter results also benefited from $40.1 million in revenue from its two Mississippi casinos.

"Charles Town's second quarter results to date indicate a continuation of these positive trends as slot machine revenues through April 19 are approximately 40% ahead of the same period last year," said Peter M. Carlino, chief executive officer for Penn National (Nasdaq:PENN).

Revenue at Charles Town could get a substantial boost since West Virginia legislators just passed a bill allowing an increase in the slot machine wagering limit from $2 to $5. The bill still requires Gov. Bob Wise's signature before it become law.

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