Charles Town Getting 500 New Slot Machines

Penn National Gaming received approval to install 500 more slot machines at Charles Town Races. The new reel spinning, coin-out devices will be installed in a new gaming area under construction along with a new 150-seat restaurant.

"With the additional 500 machines our overall machine mix will now shift to approximately 64% reel spinning, coin-out machines, which in our experience generate higher levels of win than the video slot, ticket issuing devices," said Peter Carlino, chief executive officer of Penn National. The new machines will raise Charles Town's total number of slot machines to 2,000.

The company's stock (Nasdaq: PENN) increased 2.5% to $13.44 on the news Tuesday with 38,500 shares changing hands. The average daily volume on Penn National is 43,681 shares, and the 52-week range is $6.81 to $15.75. Penn National owns three racetracks and 11 off-track betting parlors in Pennsylvania, and owns and operates two Mississippi casinos.