Penn National posts income drop

Penn National Gaming Inc., the racing and casino company that owns Penn National Race Course in Pennsylvania and Charles Town Races in West Virginia, had net income of 14 cents per share in the second quarter of 2005, compared with net income of 24 cents per share in the second quarter of 2004, according to financial statements released Thursday.

Penn National, which owns 10 casino-style gambling facilities, including a casino at Charles Town, had total revenue of

$320.8 million in the quarter, compared with $306.2 million in the second quarter last year. Revenue from racing was 4.3 percent of the total, at $13,729,000 million, down slightly from $13,737,000 last year.

Revenue from casino-style gambling, including slot machines, was $262.9 million, compared with $250.3 million.

In the quarter, Penn National took a pre-tax charge of $29.1 million to record costs from a legal settlement involving its purchase of land for a casino in Louisiana and the early retirement of some debt.