Wednesday, July 29, 2009 | 11:09 a.m.
Casino operator Penn National Gaming Inc. said Wednesday second-quarter profit fell 23 percent, below expectations, due to lower-than-expected results at several properties.
Quarterly profit fell to $28.5 million, or 27 cents per share, from $37 million, or 42 cents per share, last year. Excluding an impairment loss for replacing a vessel and a gain from selling an investment in corporate debt securities, net income was 30 cents per share. In addition, the stronger dollar hurt results by about 2 cents per share.
Revenue fell 6 percent to $580.8 million from $620.6 million last year.
Results also fell short of company guidance of 35 cents per share, due to lower-than-expected results at its Lawrenceburg, Ind., Charles Town, W.Va., and Zia Park property in New Mexico.
Penn National Gaming operates 19 casinos and racetracks in Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Mississippi, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, West Virginia and Canada.
The casino operator filed an application with the Nevada Gaming Control Board earlier this month for registration as a publicly traded corporation. Penn has expressed an interested in buying a Las Vegas casino during the past year but said it is shopping around for the right deal.
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