M Resort owner Penn National sees profits shrink
The owner of Henderson's M Resort grew revenue in the first quarter of 2013, but saw its profits narrow by 16.9 percent.
Wyomissing, Pa.-based Penn National Gaming reported net income of $65.3 million, 63 cents a share, on revenue of $798.2 million on the quarter that ended March 31. In the same quarter a year earlier, Penn posted net income of $78.6 million, 74 cents a share, on revenue of $736.1 million.
The 2013 quarter had one fewer day due to 2012 being a leap year.
Penn, which has 29 casinos and racinos in 18 states and a Canadian province, announced earlier this month that it would build and manage a tribal casino 20 miles east of San Diego in a partnership with the Jamul Indian Village.
Penn acquired the M Resort in May 2011. The company doesn't break out revenue by property, but the M is a part of the company's East/West division that saw revenue drop by 14.5 percent to $317,048 for the quarter.