Penn National income dips

Penn National Gaming Inc., the owner of three racetracks and more than a dozen casino facilities, had net income of $40.7 million in the first quarter of 2008, down 5.1 percent compared with net income of $42.9 million in the first quarter of 2007, according to financial statements released Thursday.

Revenue in the quarter was $613.5 million, up 2.8 percent from the first quarter of 2007, according to the statements, Although earnings declined at many of the company's properties, Penn National benefited from the opening of a casino at Penn National Race Course in Pennsylvania in February and the inclusion of revenue from Zia Park, a casino and racetrack in New Mexico that the company bought last year.

In June of 2007, Penn National entered into an agreement to be acquired by Fortress Investment Group and Centerbridge Partners. The transaction is expected to be completed sometime this year.

Penn National owns three Thoroughbred racetracks that each operate casinos. Revenue at Charles Town Races and Slots in West Virginia was $122.5 million in the quarter, compared with $119.6 million in the first quarter of last year; revenue at Penn National were $39.5 million, up from $11.9 million last year; and revenue at Zia Park was $21.9 million.