Shares of MTR Gaming Group (Nasdaq:MNTG), owner of Mountaineer Park in West Virginia, fell as high as 27% on Tuesday, a day after the racetrack, casino and hotel operator reported lingering problems in converting its slot machines to higher wagers. The company also surprised analysts by annoumcing higher than expected costs associated with a new hotel.
Hundreds of eager gamblers lined up Wednesday outside Delta Downs in Vinton, La., to gamble in its new 1,500-machine slots parlor. Boyd Gaming, the track's owner, officially opened the large casino after months of legal snags and delays and an investment of more than $165 million.
Boyd Gaming, which owns Delta Downs in Vinton, La., has paid $5.1 million to former owner Shawn Scott for his remaining interest in a proposed slot-machine parlor at the racetrack, according to recent filings by Boyd with the U.S. Securities and Exchange Commission.
Boyd Gaming will keep all 700 new Delta Downs employees on its payroll even though it doesn't know when it will open its slot-machine casino at the Vinton, La., facility it purchased for $125 million.
The Pennsylvania Thoroughbred Horsemen's Association, the statewide organization representing owners and trainers at Philadelphia Park, has endorsed legislation sponsored by Rep. John Taylor to allow slot machines at Pennsylvania's four licensed racetracks.
- By Tom Precious
The video lottery terminals proposed for New York racetrack appear to be less of a good deal than was expected when a law that permits them was rushed through two months ago, the head of the New York Racing Association said.
- By Tom Precious
The video lottery terminals proposed for New York racetrack appear to be less of a good deal than when a law that permits them was rushed through two months ago, the head of the New York Racing Association said.
A push is under way in California for expanded gaming at proposed casinos or any outlet that currently holds a gaming license, including racetracks, according to published reports.
A Pennsylvania State University study says that slot machines at the state's four racetracks would trigger a $2.5 billion increase in gross state product and hundreds of millions of dollars in revenue for state and local governments.
Nevada Gov. Kenny Guinn has signed legislation that legalizes Internet gambling, though the first Internet casinos probably won't be licensed for a year and a half.
- By Tom Precious
A state judge in New York has slapped down the governor's ability to negotiate casino deals on his own with Indian nations -- a major ruling that could halt a number of efforts under way by tribes to build new casinos.
Slot machines and card tables had an undeniable influence on the 8% growth seen in North American purses in 2000. Out of the top 10 racetracks in the United States and Canada, ranked by growth in total purses, seven offer slot and/or video poker machines and one offers card games. Leading the list is Sunland Park, the New Mexico racetrack nestled against the Texas border town of El Paso. Gross purses at Sunland Park grew 160%, from $1.69 million in 1999 to $4.4 million last year.
- By Tom LaMarra
The Ohio Senate has begun research to see whether the question of racetrack video lottery terminals can be put on the ballot in the seven counties that have tracks. The state needs money to fund its education program and, as the newspaper reported Thursday, also needs revenue to offset a decline in tax receipts. Income from taxes is expected to be $850 million short of projections through early 2003.
A proposal to use racetrack video lottery terminals to fund Ohio's educational system is dead, newspapers throughout the state reported Tuesday. A top legislator in the state had suggested that up to 1,500 machines be place in each of Ohio's seven racetracks to raise $900 million over the next two years.
A comprehensive overhaul of Indiana's gaming laws, including a provision to allow electronic pull-tab machines at Churchill Downs-owned Hoosier Park, was approved Wednesday by a House committee. The proposed legislation passed on an 11-3 vote by the House Public Policy Committee is designed to alter state laws allowing dockside gambling for the state's riverboat industry.
In what has been labeled the largest shutdown of legalized gambling in this country's history, the plug will be pulled on some 22,000 slot machines in South Carolina as of midnight Friday.
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