Penn National posts big gain

Penn National Gaming Inc., the owner of Penn National Racecourse in Pennsylvania, Charles Town Races in West Virginia, and a number of casino properties, had net income of $120.9 million in 2005, up 69.1 percent compared to net income of $71.5 million in 2004, according to financial statements released by the company Wednesday.

The 2005 results included a one-time gain of $37.9 million from the sale of a casino in Shreveport, La., during the third quarter. Two of Penn National's other Louisiana casinos have been closed since Aug. 28 because of damage from Hurricane Katrina, but Penn said property and business-loss insurance on the facilities has largely mitigated any loss. The properties are expected to reopen in 2006.

Penn National's revenues from casino operations in 2005 were $1.25 billion, according to the financial statements. The company's revenues from its racing operations were $49.6 million, or 3.5 percent of the company's total 2005 revenue of $1.41 billion.

In the fourth quarter, revenue from casino operations was $481.2 million, and revenue from racing operations was $12.8 million. Total net income in the fourth quarter was $37.6 million.