MTR Gaming Has Record Third Quarter

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MTR Gaming Group, owner of Mountaineer Park, reported its best financial period ever for the third quarter ending Sept. 30.

The West Virginia company reported a 24% increase in total revenue to $61.5 million, 40% increase in operating income to $11.4 million, and a 36% increase in net income. Earnings per share rose 32% to 25 cents per diluted share up from 19 cents per share for the same quarter of 2000. For the first nine months of the year, earnings per share are up 24% to 63 cents per diluted share.

The company experienced double-digit growth in its pari-mutuel and slot machine operations. Compared with the second quarter of the year, export simulcast revenues rose 11% to $867,000 and the average daily live handle (including export) increased 23% to $1,026,000. The net win from Mountaineer Park's slot machines was up 28% to $52.1 million compared with the same quarter a year ago. The net win-per-machine-per-day was $263 from an average 2,149 machines compared with $266 per machine per day on an average 1,905 machines during the third quarter of 2000.

"Although the events of September 11th affected our operations, the impact has been limited in comparison to gaming destinations such as the Las Vegas Strip that rely heavily on air travel," said Edson "Ted" Arneault, president and chief executive officer for MTR Gamoing. "The vast majority of Mountaineer's customer base travels by car or bus to the complex from Ohio, Pennsylvania and West Virginia, where there are approximately 10 million people within a two-hour drive."

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