Track and Gaming Center Profits Up

Wheeling Island Gaming Inc. on Monday reported a $5 million increase in first-quarter profits due to higher income from operations and insurance payments. Net income for the quarter ending April 2 was $6. 7 million, compared to $1. 7 million in the same period in 2005. Income from operations increased $2. 9 million and the company received $2. 5 million in casualty loss recoveries, Wheeling Island said. Operating income at Wheeling Island Racetrack & Gaming Center was $30 million, up 4. 7 percent, and gambling revenue was up 3. 5 percent from the same period last year, when flooding closed the facility for about 3 1/2 days.

Wheeling Island said the increase in gambling revenue was partially offset by a $1. 1 million increase in the redemption of Preferred Player's Club points and coupons for cash. A state law approved in July 2005 that lowered Wheeling Island's share of net terminal income also hurt gambling revenue, which accounts for 83. 1 percent of all revenue, the company said.

May 18, 2006
Posted By Skip Davis
Staff Editor, CasinoGamblingWeb.com    Previous Page | Internet Gambling | Top Online Casinos | Submit News!