Penn National Gaming nets $42M

Penn National Gaming Inc., the owner of Charles Town Races and Slots, Penn National Racecourse, and 11 other gambling properties, had net income of $42 million in the first quarter of 2006 on revenue of $569.2 million, according to financial documents released Tuesday.

Penn National derives the vast majority of its revenue from its casino properties. In the first quarter of 2006, revenue from Charles Town, Penn National, and Raceway Park in Ohio was $13.6 million, according to the documents, or 2.4 percent of the company's total first-quarter revenue.

Overall, revenue for the company in the first quarter was up 96.8 percent, from $289.3 million in the first quarter last year to the $569.2 million figure this year. The 2006 figures include revenue from four properties Penn National acquired late in 2005 with its acquisition of Argosy Gaming Company.