10/24/2007 11:00PM

Penn National net income at $46.6M for quarter

EmailPenn National Gaming Inc., the owner of three racetrack-casinos and several other casino properties, had net income of $46.6 million in the third quarter of 2006, according to financial statements released Thursday.

Revenue in the quarter was $629.5 million, compared with $586.1 million in the third quarter of last year. In the third quarter this year, Penn National had revenue of $20.4omillion from Zia Park, a racetrack and casino in New Mexico that Penn National purchased in a transaction that closed earlier this year.

In addition to Zia Park, Penn National owns Charles Town Race and Slots in West Virginia and Penn National Racecourse in Grantville, Penn. The company also owns 16 other casinos in 15 states.

Over the past several months, Penn National has reached deals to buy two other racetracks: the Sanford Orlando Kennel Club in Florida and Rosecroft Raceway in Maryland. In a statement, Penn National said that it believes both properties may receive authorization for slot machines in the future.

The company did not itemize revenue from its parimutuel operations on its statements, but said that its Pennsylvania racing operations had revenue of $11.8 million in the quarter, compared with $12.7 million in the third quarter of 2006. The Pennsylvania racing operations had a net loss of $1 million in the quarter before interest, taxes, depreciation, and amortization, according to the statements.