10/24/2002 11:00PM

Penn National has record quarter


Penn National Gaming Inc., the owner of two racetracks and several casinos, had net income of $9.9 million in the third quarter of 2002, or 25 cents a share, on record revenues of $175 million.

Revenues in the quarter from Charles Town Races and Slots in West Virginia were $69 million, dwarfing Penn's other properties. Charles Town recently installed 500 additional slot machines.

For the first nine months of the year, Penn National has posted $187.5 million in revenues, up 31 percent over the first nine months of 2001. Net income for the first nine months has been $23.2 million, compared with $18.8 million last year.

After Penn National transformed itself from a small racetrack operator into a casino company, its stock rose from $5 in early 2001 to around $20 today. The company split its stock 2 for 1 in June.

Penn National owns Charles Town, several casinos in Illinois and Mississippi, and Penn National Race Course in Pennsylvania. Officials for the company are supporting an effort to legalize slots at tracks in Pennsylvania.