Earnings

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Canterbury Reports Mixed Third Quarter

Canterbury Park reported increased revenue and decreased net income for the third quarter ending Sept. 20. Revenue for the Minnesota racetrack was up 4.3% to $12.1 million, but net income for the third quarter fell 21% to $378,103, or 10 cents per share.

TVG's Parent Company Reports Greater Third Quarter Losses

The TV Games Network's parent company reported a 13.5% increase in net loss for the third quarter ending Sept. 30. The increase in losses was attributed to charges related to the merger between Gemstar and TV Guide in July 2000 and to higher operating expenses.

Youbet.com Reports Third Quarter Losses

Youbet.com's significant decreases in third quarter revenue and handle is being blamed on the weak economy and the aftermath of the Sept. 11 terrorist attacks in New York and Washington, D.C. Revenue fell 19% to $1.13 million for the third quarter ending Sept. 30, down from $1.39 million for the same period of 2000. Handle also dropped 16% to $18.8 million, down from $22.4 million a year ago.

Magna Improves Historically Slow Third Quarter

Magna Entertainment showed some improvement during the third quarter ending Sept. 30, historically the company's weakest period of the year. Revenue for the Ontario-based racing conglomerate increased 31.1% for the quarter and 24.9% for the first nine months of the year.

Maxxam Reports Good Third Quarter, Racing Operations Slide

Maxxam, the owner of Sam Houston Race Park, reported a gain of $4.08 per share for its third quarter compared with a loss of $2.47 per share reported a year ago. The diversified company's racing operations reported a slight increase in sales, but the gains were offset by increased costs.

Penn National Posts Strong Third Quarter

Penn National Gaming reported a 67.3% increase in revenue and a 52.5% increase in net income for the third quarter. In other news, the company is seeking dismissal of a lawsuit filed against Charles Town Races by Showboat Development over the rights to operate slot machines and video lottery terminals at the company's West Virginia racetrack. If the case is not dismissed, Penn National wants the case moved out of Nevada to a West Virginia court.

Magna Posts Second Quarter Gains

Magna Entertainment reported an 11% increase in revenue and a 21% increase in earnings before interest, taxes, depreciation, and amortization for the second quarter ending June 30. The recent quarter was the first to include all the company's operations.

Magna Posts Strong First Quarter

Magna Entertainment reported an 87% increase in earnings to 28 cents per share along with double digit increases in revenue and net income for the first quarter ending March 31.

Penn National Stock Soars on Good News

Penn National's stock got a huge boost this week from a glowing first quarter earnings report and an announcement that it will soon close a deal involving casinos in Canada and Louisiana.

Gtech Earnings Fall for Fourth Quarter

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.

Card Club Deals Good Hand at Canterbury

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.

Stronach's Daughter Vice Chair at Magna International

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 to cut 80 jobs

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 Reports $9.2 Million Fourth Quarter Loss

Magna Reports $9.2 Million Fourth Quarter Loss

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.

Tough Third Quarter for Colonial Downs

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.

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