WYOMISSING, PA-Penn National Gaming Inc.'s fourth-quarter income rose to $143.9 million, a 114%-rise compared with the same quarter a year ago. This was the first full quarter that included income from Argosy casinos, which the locally based gaming company acquired during 2005.

"The Argosy properties contributed approximately 50% of our total fourth-quarter Ebitda," Peter Carlino, CEO, said during a conference call. Also contributing to exceeding the company's guidance, was the "significant year-over-year gains being achieved at Casino Rouge in Baton Rouge," he said, "which offset $2 million of hurricane related items that were not considered in our guidance."

As for the company's two other Gulf Coast properties damaged by Hurricane Katrina, both are expected to be in operation by the end of this year. "We are in regular dialogue with insurance adjusters to determine the full amount of insurance proceeds due Penn National and we believe the insurance proceeds will be sufficient to fund returning the properties to operation," Carlino said.

A temporary 30,000-sf casino is planned in the former hotel lobby of Casino Magic by the end of this year. Without disclosing a timeline, Carlino said it "will be replaced with a permanent, land-based casino to be completed in the future." He said the company would also rebuild the damaged areas of the existing hotel tower, which contains 290 rooms. The Boomtown Biloxi barge "is currently in route to dry dock for repairs," he said, "with the goal of returning during fourth-quarter 2006."

Meanwhile, a temporary Hollywood Slots facility in Bangor, ME, containing 475 slot machines generated $287,000 in December 2005, its first full month of operation. Plans for a permanent facility for an initial 1,000 slots and capacity for 1,500 there will be announced soon.

Among several projects in the pipeline is a 365,000-sf facility with capacity for 3,000 slot machines and other amenities at Penn National Race Course. Carlino said he expects to be licensed by the Pennsylvania Gaming Control Board in the second half of this year. The project's $262-million budget includes a one-time $50-million license fee. The casino is expected to open 13 months after the license is obtained.