Downtown casino sees little change: First-quarter revenue at Hollywood Casino Baton Rouge was virtually unchanged from the year before, according to information released by Penn National Gaming, the casino’s parent company. Hollywood had revenue of $30.6 during the first quarter, compared with $30.5 million in the first quarter of 2010. Penn National saw its revenue rise from $592.3 million in the first quarter 2010 to $667 million. The company is set to close on the acquisition of The M Resort in Las Vegas in June.
Bank sees positive trends in credit cards: Capital One Financial Corp. says its first-quarter net income soared by 60%, thanks to positive trends in its credit card business. The McLean, Va., financial services company reported net income rose to $1.02 billion, or $2.21 per share, in the period ended in March, from $636 million, or $1.40 per share, a year ago. Analysts expected earnings per share of $1.48, on average, according to a survey by FactSet. Capital One set aside $534 million for bad loans, roughly a third of last year’s provision. Net charge-offs as a percentage of average loans improved to 3.66% in the first quarter from 6.02% a year ago. Net interest income and non-interest income both declined from last year’s first quarter but improved from the fourth quarter, the company says.
Correction
An article in Wednesday’s Daily Report AM incorrectly stated some of the positions of the Coalition for Louisiana Public Education, a new advocacy group. The coalition is asking the state to hold off on assigning letter grades for school districts and value-added assessments for teachers and principals until realistic criteria can be determined. The coalition also opposes student-based budgeting techniques. Daily Report regrets the errors.
