Net revenues for fourth quarter and full-year 2004 were $276.7 million and in excess of $1.1 billion, respectively. Income from continuing operations during those timeframes were $$49.9 million and $213.7 million, respectively.

Carlino said 2004 "laid the foundation for tremendous future growth," and referred to 2005 as a "transitional year from the old Penn to the new Penn." Because "timing issues can change," the 2005 guidance does not include financial projections from the additional projects on the company's plate this year.

They include expansion to slot machine facilities at Penn National Raceway and the Bangor, ME race track along with completion of the company's acquisition of Argosy's seven, far-flung resort and casino operations. The latter is expected to close in second quarter. Both slots facilities await completion of state legislative and licensing matters that are underway. In addition, a 150-unit hotel is planned for Charles Town, WV facility.

Originally estimated to cost $125 million, the slots facility at the Gainesville track has been expanded and budgeted at $240 million, including the $50-million, one-time state licensing fee and the purchase of 2,000 slots. The demographics and location, Carlino said, "warrants a larger facility with more amenities and features." In order to be in position when the license clears, it is constructing a 24,000-sf temporary simulcast facility, which will later convert to a warehouse. It plans to spend $139 million on the Maine slots facility, and cost of the Charles Town hotel is estimated at between $10 million and $12 million.

Asked about future plans, such as entry into South Florida, Atlantic City, Las Vegas and abroad. In all cases, Carlino said, "sure, we consider those places, but not for now."

Of Florida, where expanded gambling is under consideration, but not approved, he said, "we've always been very, very careful about spending money that could go down a rat's hole. There's an awful lot unknown, such as the tax rate, etc." Of Atlantic City and Las Vegas, he said, the former would be a higher priority because "it's across the street." As for international expansion, he said, "If we had a gold-plated opportunity somewhere, sure, I guess we'd look at it. But, over the next 12 to 18 months, we got an awful lot on our plate."