Penn National Gaming, Inc. (PENN: Nasdaq) today reported record third quarter results for the period ended September 30.
Magna Entertainment reported mixed results for its second quarter on Wednesday and announced it had delayed a major renovation of Gulfstream Park.
Churchill Downs Inc. hit a couple financial records during its second quarter due to record wagering on Kentucky Derby and Kentucky Oaks days, additional racing days, and growth in its simulcast network.
Churchill Downs Inc. hit several financial records during its second quarter due to record wagering on Kentucky Derby and Kentucky Oaks days, additional racing days, and growth in its simulcast network.
Gtech Holdings, a lottery systems operator and co-owner of Turfway Park, reported first quarter earnings that were 6-7 cents higher than analysts' expectations.
Maxxam, the industry conglomerate that owns Sam Houston Race Park, posted a huge first quarter loss after its aluminum operation declared bankruptcy. The bankruptcy is not expected to affect racing operations.
Canterbury Park Holding reported an 11.4% increase in revenue and a 28.6% increase in net income for the first quarter ending March 31. Revenue of $8.9 million and net income of $931,038 were records.
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.
Youbet.com reduced its net loss for the first quarter of the year by 31% to $2.4 million, or 12 cents per share. During the same period a year ago, the company reported a net loss of $3.4 million, or 17 cents per share. The online horse racing and wagering service also gained 1,400 new subscribers between Jan. 1 and March 31.
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.
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.
Second quarter losses and a failure to fully disclose all financial information at once caused Gemstar-TV Guide stock to tumble. Quarterly results were mixed for the division that operates the TV Games Network.
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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