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WYOMISSING, PA-Penn National Gaming’s revenues and earnings took a slight dip in the second quarter due to underperformance at a handful of its assets, executives said during their second-quarter conference call. Net income came in at $28.5 million, down from $37.7 million in the prior-year period, while revenues fell to $580.8 million from $595.6 million.

“Things are kind of mushy,” said Peter Carlino, the company’s chairman and chief executive officer. “They’re up; they’re down. The wheels aren’t coming off the cart. Business is good, it’s just not wonderful.”

Three properties dragged down the rest of the firm’s 19-asset portfolio. It’s Hollywood Casino Lawrenceburg [VA] was hurt by the transition to a new facility there, Charles Town [WV] Races & Slots suffered from an unsuccessful marketing program and Zia Park & Black Gold Casio, in Hobbs, NM, was hit by a tough economy in that area.

Recession aside, Penn National is trying to build new projects while other firms are cutting back. It is proposing an $84-million facility in Cecil County, MD; a $564-million Hollywood Casino project in Kansas City, KS; and two facilities in Ohio–in Toledo and Columbus–totaling $600 million. Penn National is awaiting government approvals on all of those proposals.

As for further future developments, Carlino said “we always have an interest in Las Vegas,” in response to an analyst question, but the company has no current plans in the area. “It’s right place, right time, right opportunity,” he said.

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