Penn National Gaming's income down

Penn National Gaming Inc., the casino operator that owns a handful of racing properties, had net income of $36.2 million in the first quarter of 2010, down 11 percent compared with first-quarter net income of $40.7 million last year.

Revenue for the quarter was $592.3 million, down 3 percent compared with first-quarter revenue of $612.2 million in 2009. In a release, Penn National officials attributed the decline to weakness in the economy and adverse winter weather that affected trips to its properties.

Net revenue was down at the vast majority of the company's properties for the quarter when compared with the first quarter of 2009, with some notable exceptions, according to financial documents released on Thursday. Charles Town Races and Slots in West Virginia, for example, had net revenue of $103.2 million in the first quarter of 2010, down 12.5 percent from net revenue of $117.9 million in the first quarter last year. Net revenue at the company's Indiana casino, however, was up 9.3 percent, to $111 million, and net revenue at Penn National Race Course and Casino in Pennsylvania was up 3.5 percent, to $75.6 million.