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Penn National Gaming Q2 Results Dip

WYOMISSING, PA-The gaming company's results were mainly stymied by the performance of three assets, executives said during a Q2 conference call.

By Ian Ritter | Updated on July 29, 2009

WYOMISSING, PA-Penn National Gaming’s revenues and earnings took a slight dip in the second quarter due to underperformance at a handful of its assets, executives said during their second-quarter conference call. Net income came in at $28.5 million, down from $37.7 million in the prior-year period, while revenues fell to $580.8 million from $595.6 million.

“Things are kind of mushy,” said Peter Carlino, the company’s chairman and chief executive officer. “They’re up; they’re down. The wheels aren’t coming off the cart. Business is good, it’s just not wonderful.”

Three properties dragged down the rest of the firm’s 19-asset portfolio. It’s Hollywood Casino Lawrenceburg [VA] was hurt by the transition to a new facility there, Charles Town [WV] Races & Slots suffered from an unsuccessful marketing program and Zia Park & Black Gold Casio, in Hobbs, NM, was hit by a tough economy in that area.

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