With strong assistance from its video lottery terminal operation at Scioto Downs in Ohio, MTR Gaming Group greatly reduced its net loss for the first quarter of 2013 compared with the same period in 2012.
The company, which has holdings in Ohio, Pennsylvania, and West Virginia, posted a net loss of $786,000 for the first three months of this year versus a net loss of $3.1 million last year. Earnings before interest, taxes, depreciation, and amortization came in at $25 million for the first quarter, up 21.9%, according to an earnings report.
Scioto Downs, a Columbus harness track, launched VLT gaming in June 2013. It accounted for $35.9 million in revenue this year versus $78,000 last year.
"Our new Scioto Downs gaming facility continues to exceed our expectations," MTR Gaming Group president and chief executive officer Jeffrey Dahl said in a release. "Despite a strong first quarter, all our gaming facilities experienced the impact that general macroeconomic conditions, such as higher payroll taxes and gas prices, as well as delayed income tax refunds, had on consumers."
Revenue from gaming for the first quarter of 2013 totaled $114.7 million versus related expenses of $67.2 million. Net revenue growth of 14.3% was reported for the quarter.
Pari-mutuel commissions for the first quarter totaled $1.38 million versus related expenses of $1.85 million, according to the earnings report.
Net revenue at the company's two other properties–Mountaineer Casino, Racetrack & Resort in West Virginia and Presque Isle Downs & Casino in Pennsylvania–declined for the first quarter of 2013. Revenue at Mountaineer dropped 15.6% to $49.8 million, while revenue at Presque Isle was down 23.1% to $37.6 million.
The company said the decreases were attributable to adverse weather conditions and the introduction of gaming in Ohio.