Mountaineer Parent Seeks Money for Expansion
Updated: Wednesday, February 26, 2003 10:52 AM
Posted: Wednesday, February 26, 2003 10:30 AM
MTR Gaming Group, owner of Mountaineer Race Track & Gaming Resort in West Virginia, is pursuing the issuance of $130 million in senior notes through a private placement, business wires reported Feb. 26. The money for be used for several projects, including development of a track in Pennsylvania.
MTR Gaming said it would use the proceeds of the proposed offering to repay the existing credit facility, pay the costs of the offering, and for general corporate purposes, including the repurchase of up to $30 million of the company's common stock. The money would give MTR Gaming the flexibility to pursue its plans to develop Presque Isle Downs in Erie, Pa., acquire Scioto Downs in Columbus, Ohio, and repurchase common stock.
The company expects the offering to be completed in March. MTR Gaming also operates the Ramada Inn and Speedway Casino in North Las Vegas.
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