02/04/2002 12:00AM

Penn National doubles net income


Penn National, the casino and racetrack company, had net income of $24.4 million in 2001, the company said Monday, more than double the net income of $12 million in 2000. Revenues for the year were $520 million, compared with $291 million in 2000. Operating expenses were $409 million, compared with $235 million.

Penn National owns and operates Charles Town Races, Penn National racetrack, two casinos in Mississippi, and a casino in Louisiana. The company has been rapidly acquiring casino properties over the past 18 months, explaining the surge in revenues.

Shares in Penn National dipped $1.94 on Monday, to $30.01, a decline of 6 percent.

The company also announced Monday that it plans to sell a substantial block of shares next week. The offering would include 2.5 million shares in new stock to repay debt. Another 1 million shares held by a trust of the family of Penn's chief executive officer, Peter Carlino, are scheduled to be sold, but none of the proceeds from that sale will go to the company.

Penn National's stock hit a 52-week high of $32.79 late in January. The 52-week low for the stock is $10.