WYOMISSING, PA-Penn National Gaming, the casino operator based here, collected $9.2 million in net income during its second quarter, a steep drop from the $28.5 million the company brought in during the same year-ago period. But the quarter's gain came after a $19.6-million charge Penn took on related to a proposed development in Ohio.
Specifically, citizens in Columbus, OH voted to move the site of a proposed Penn Hollywood casino. The company now has that land for sale, and executives on a second-quarter earnings call would not speculate if those costs would get re-couped.
Meanwhile, Penn's net revenues hit $598.3 million, beating its guidance of $588.3 million and topping the $580.8 million it brought in during the same year-ago period. Chairman and CEO Peter Carlino classified the quarter as: "Not wonderful, but stable."
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