Penn National Gaming Inc., which has a host of projects in the works, is taking a cautious approach to 2013 in the wake of a "soft" fourth quarter in 2012, company officials said Jan. 31 during an earnings teleconference.
Churchill Downs Inc. officials said Nov. 6 the company had a "decent" third quarter in 2012 and is poised for growth in 2013-14.
Churchill Downs Inc. reported net earnings of $1.4 million in the first quarter of 2012, a reversal from a $3.2 million loss during the first three months of 2011.
Penn National Gaming Inc. reported net income of $78.6 million for the first quarter of 2012, up 52% from $51.5 million for the first three months of 2011.
MTR Gaming Group, which recently received approval to refinance its debt, reported net income of $2.3 million for the second quarter of 2011. For the same three months in 2010, the company posted a net loss of $500,000.
Penn National Gaming Inc. reported solid numbers for the second quarter of 2011 and said it expects good things from existing and potential properties despite increased competition.
Churchill Downs Inc. reported net earnings from continuing operations of $19.6 million in 2010, up from $17.7 million for 2009.
MTR Gaming Group registered a 4.33% decline in net revenue in 2010, but the company also reduced total operating expenses by 10.48% on the year, according to a financial report for 2010.
Though legislation to authorize electronic gaming continues to stall in Minnesota, Canterbury Park officials remain optimistic in the wake of a fairly stable second-quarter earnings report.
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.
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 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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