MTR Gaming Group, owner of Mountaineer Park, reported double digit increases in revenue, net income, and earnings for the fourth quarter and 2001. The West Virginia company (Nasdaq:MNTG) also reported decreases in earnings per share for the quarter and for the year.
Gemstar-TV Guide stock plummeted Tuesday morning on the heels of poor fourth quarter and year-end results. As of 3 p.m., the parent company of the TV Games horse racing network was down $4.21 to $17.52, a drop of 19.4%.
Magna Entertainment reported a 28% gain in fourth quarter revenue, but losses in net income and earnings per share for the three-month period ending Dec. 31. For the year, the Canadian racing conglomerate reported a 25.5% increase in revenue, a jump in net income from $441,000 to $13.5 million, and an increase in diluted earnings per share from 1 cents to 16 cents.
Penn National reported a record fourth quarter Monday with revenue climbing 48.1% and net income jumping 105.2%. The Pennsylvania racetrack and casino company also announced it will be offering 2.5 million in additional shares of common stock, which should generate about $74 million. Another 1 million shares will be offered at the same time by the Carlino Family Trust.
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.
Youbet.com, the online pari-mutuel wagering service, reported a 52% reduction in losses for its fourth quarter and a 41% reduction in losses for 2000. For the year ended December 31, 2000, the company's loss before an extraordinary net gain was $16.7 million or $0.86 per common share, a reduction of 32% from the loss of $24.5 million, or $1.45 per common share recorded for the full year 1999. Including the extraordinary item, Youbet.com's net loss for 2000 was $1.7 million, or $0.09 per common share.
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's stock dropped 10% Monday, the first day of trading following a company announcement that fourth quarter losses would be greater than anticipated.
Revenue shortfalls at two Mississippi casinos and from Charles Town Race's slot machines are expected to give Penn National a soft fourth quarter.
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