WYOMISSING, PA-Penn National Gaming, the casino operator based here, collected $9.2 million in net income during its second quarter, a steep drop from the $28.5 million the company brought in during the same year-ago period. But the quarter's gain came after a $19.6-million charge Penn took on related to a proposed development in Ohio.

Specifically, citizens in Columbus, OH voted to move the site of a proposed Penn Hollywood casino. The company now has that land for sale, and executives on a second-quarter earnings call would not speculate if those costs would get re-couped.

Meanwhile, Penn's net revenues hit $598.3 million, beating its guidance of $588.3 million and topping the $580.8 million it brought in during the same year-ago period. Chairman and CEO Peter Carlino classified the quarter as: "Not wonderful, but stable."

Penn's capital expeditures for the year total $431 million; $338.4 million of that is earmarked for developments. Included in the development and planning stages are the Hollywood Casino Kansas City (KS); Hollywood Casino Toledo (OH); and the Hollywood Casino Perryville (MD).

Management said during the call that it had no interest in buying the assets of bankrupt Station Casinos and it will take awhile to decide what lies in the future for Atlantic City, where it currently doesn't operate any assets. Penn operates 22 gambling facilties across North America that include 2,000 hotel rooms.