A 45.9% increase in revenue at Charles Town Races helped its parent company Penn National acheive record revenue, earnings, and net income for the first quarter of the year.
Gtech, one of the county's largest lottery company and a one-third owner of Turfway Park, reported declines in earnings per share for its fourth quarter and fiscal year ending Feb. 24. Fourth quarter earnings fell 13.8% to 75 cents per diluted share, and earnings for the fiscal year dropped 51.5% to $1.25 per diluted share.
A card club that produced revenue of $11.3 million helped Canterbury Park Holding Corp. post record operating results for 2000. The company owns Canterbury Park, the Thoroughbred track located in Shakopee, Minn.
Gemstar-TV Guide, the TV Games Network's parent company, enjoyed extraordinary growth in revenue and earnings for its fourth quarter and fiscal year. The company is expecting more rapid growth this year and TVG will play an active role.
Belinda Stronach, the 34-year-old daughter of Magna International chairman Frank Stronach, has been named chief executive officer and vice chairwoman of the company. Magna International reported a 6% decline in fourth-quarter earnings from the year-earlier period. Revenue climbed 6%.
Gtech, a lottery company and co-owner of Turfway Park, announced today it was eliminating jobs as part of a large cut in operating expenses.
Magna Entertainment, the racetrack company chaired by owner-breeder Frank Stronach, reported Monday a net loss of $9.2 million during the fourth quarter of 2000. For the year, the company reported net income of $441,000 on revenue of $413.6 million. The fiscal year profit was a reversal from 2000, when Magna posted a $62,000 loss; the 2000 fourth quarter loss was $3-million.
Magna Entertainment's stock dropped 10% Monday, the first day of trading following a company announcement that fourth quarter losses would be greater than anticipated.
Penn National Gaming reported triple digit increases in revenue and earnings for the fourth quarter ending Dec. 31. Slot machines at Charles Town Races and two Mississippi casinos fueled the growth.
Maxxam, the parent company for Sam Houston Race Park, reported gains in fourth quarter earnings. For the year, however, earnings were cut in half.
Revenue shortfalls at two Mississippi casinos and from Charles Town Race's slot machines are expected to give Penn National a soft fourth quarter.
Colonial Downs' third quarter results show the Virginia track continues to struggle. Earnings per share dropped 22.2% to a loss of 11 cents per share for the three-month period ending Sept. 30.
Magna Entertainment Corp. reported an increase in revenue, but losses in earnings and net income for the its third quarter ending Sept. 30. The company also loses its second top executive in a month.
Canterbury Park's card room has substantially increased operating revenue, net income, and earnings for the Minnesota track's third quarter ending Sept. 30.
Churchill Downs reports strong third quarter revenue and earnings gains, but warns the gains could be offset by the end of the year. Penn National also reports strong revenue and earnings.
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