Penn Gaming Sets Lousy Tone for Casinos

Penn National Gaming posts an 11% decline in first-quarter profit and misses revenue estimates.
By Jeanine Poggi ,

NEW YORK (

TheStreet

) --

Penn National Gaming

(PENN) - Get Report

proved the gaming market is still holding a lousy hand, as its first-quarter profit fell 11%.

During the quarter, the casino operator earned $36.2 million, or 34 cents a share, compared with $40.7 million, or 38 cents, in the year-ago period.

Penn National Gaming's ervenue slipped 3% to $592.3 million from $612.2 million, missing estimates of $602.8 million.

-- Reported by Jeanine Poggi in New York.

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