07/24/2003 11:00PM

Penn National earnings rise

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Penn National Gaming Inc., the owner of Penn National racetrack in Pennsylvania, Charles Town Races in West Virginia, and several U.S. casinos, had net income of $15.5 million, or 38 cents per share, in the second quarter of 2003, the company said Thursday.

Earnings in the second quarter were up 65 percent compared with the second quarter in 2002, when net income was $9.2 million, or 23 cents per share.

Revenue for this year's second quarter was a record $325 million, up 98 percent from last year's second-quarter figure of $164 million. The second quarter results this year include revenues from three casinos Penn National acquired last year in its purchase of Hollywood Casino Inc.

Charles Town Races, which operates a slots parlor, had revenues of $84.8 million in the second quarter this year, compared with $60.7 million in the second quarter last year.

The company's parimutuel business in Pennsylvania had revenue of $27.6 million in the quarter, compared with $28.4 million last year.