Wheeling Island First-Quarter Profits Up $5M

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.

May 18, 2006
Posted By Bob Hartman
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