Penn National income dips for quarter

Penn National Gaming Inc., the owner of 28 gambling properties in North America, including several racetrack-casinos, had net income of $46.5 million in the third quarter of 2012, down 34 percent from net income of $70.8 million in the third quarter last year, according to financial statements released on Thursday.

Revenue in the quarter was $707 million, down slightly from revenue of $710.9 million in the third quarter last year. Expenses were up 3.7 percent, from $601.9 million to $624.3 million, largely because of a $28.7 million increase in general and administrative expenses. The quarter included the results from a new casino Penn National opened in Toledo, Ohio, on May 29.

The financial statements included $19.2 million in lobbying expenses so far this year to oppose a November referendum in Maryland that would establish a casino in Prince George’s County. Approval of the casino would endanger the company’s efforts to get slot machines at a Maryland harness track, Rosecroft Raceway. In addition, the casino would compete with Penn’s existing casino in Perryville, Md., and its casino-racetrack in Charles Town, W.Va.

According to the financial statements, Penn had $2.16 billion in revenue through the first nine months of the year, up 4.4 percent from $2.07 billion in revenue during the first nine months of 2011. Expenses were up 5.1 percent, from $1.75 billion during the first nine months of 2011 to $1.84 billion through September of this year.

In addition to its racetrack-casino in Charles Town, Penn National owns Penn National Race Course in Pennsylvania, Beulah Park in Ohio, Zia Park in New Mexico, and Sam Houston Race Park in Texas. The company plans to move Beulah Park from Columbus to northeastern Ohio so that a planned casino at the track does not compete with its existing casino in Columbus.