Penn National income rises

Penn National Gaming Inc., the owner of Charles Town Races and Penn National racetracks and several casinos, had net income of $30.8 million in 2002, the company reported on Wednesday, or 82 cents a share.

Driven largely by slots operations at Charles Town and other casinos, net income was up 29 percent, from $23.8 million in 2001. Revenues in 2002 were $657 million, compared with $517 million in 2001.

Penn National's stock was down 28 cents on Wednesday, or 1.8 percent, to $15.50, on heavy trading. Stocks were generally down on Wednesday.

Charles Town Races was by far the company's best performer during the year, generating $254 million in revenue last year, up from $194 million in 2001, according to the company's financial statements.

The company's Pennsylvania racing operations - which are not aided by slot machines - had revenues of $103 million in 2002, compared with $99 million in 2001. Penn National owns two racetracks and 11 offtrack betting sites in the state.