Gtech third-quarter income rises

NEW YORK - Gtech, the lottery supplier and operator that owns a one-third share of Turfway Park and a minority share of Suffolk Downs, had net income of $21.6 million in the third quarter of 2001, or 73 cents per share, up from 53 cents per share in 2000, the company said Tuesday.

Revenue for the third quarter was $263.6 million, a 19 percent increase over the third quarter last year, principally because of increased lottery equipment sales to British customers. Net income for the first nine months of the year was $1.89 a share, compared with 50 cents per share last year. Revenue for the first nine months was $735.1 million.

Earlier this year, Gtech asked its Turfway partners, Keeneland and Harrah's Entertainment, to buy out its interest in the track, although no action has since been taken. Meanwhile, negotiations to sell Suffolk Downs to Magna Entertainment are expected to resume soon, as a law was passed in Massachusetts in November that expands simulcasting and legalizes account wagering.