Earnings Report

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Revenue Down, Income Up for PNGI

Despite a 14.3% decrease in net revenue, Penn National Gaming Inc. July 24 reported net income of $2.8 million for the second quarter of this year versus a $12.2 million loss for the same three months of 2013.

MEC Director Says Company 'Hit Bottom in 2005'

With a first-quarter earnings report that shows net income of $2.2 million versus a net loss of $4.1 million for the same period a year earlier, Magna Entertainment Corp. is rebounding from what company officials called a very tough year in 2005, officials said.

MEC Reports Loss; Has Deal to Sell Pennsylvania Operation

On the same day it reported a third-quarter loss of $34.5 million, Magna Entertainment Corp. announced it entered into a deal to sell its Pennsylvania operation--The Meadows harness track and a ring of off-track betting parlors in the western part of the state--to Millennium Gaming and Oaktree Capital Management for $225 million.

Magna Posts Losses But Growth Plan Continues

Magna Entertainment Corp. recorded a net loss of $25.4 million in the second quarter of 2004, but officials said the company continues to "see meaningful results" from cost-cutting initiatives and the work of its Continuous Improvement Team.

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