The parent company of Mountaineer Casino, Racetrack & Resort in West Virginia announced Dec. 4 it has ceased operations at Jackson Harness Raceway, a Michigan facility it purchased in 2005.
MTR Gaming Inc. has defined as core assets its two Thoroughbred racinos and an Ohio harness track, and will examine sale possibilities of all other properties to reduce debt and raise shareholder value, the company said July 30.
In an April 7 conference call where an executive announced an end to a workers' strike at its signature racino, MTR Gaming Group also claimed its 2007 financial performance was a product of a four-year business plan to diversify and strengthen the company.
MTR Gaming in its annual report said it lost $11.4 million in 2007 and announced Ted Arneault will step down as chairman and chief executive officer at the end of the year.
Jacobs Entertainment Inc. and its affiliates have recently increased their overall stake in MTR Gaming Group, a move that follows a January announcement that the owner of Colonial Downs was shifting its focus towards facilities that feature multiple forms of gaming.
MTR Gaming Group said Jan. 16 its Mountaineer Casino, Racetrack & Resort reported about $3 million in revenue from table games and poker since the full ramp-up of table-game operations in late December.
The inaugural meet at Presque Isle Downs concluded Sept. 29, with the track located at the casino of the same name near Erie, Pennsylvania reporting average daily purse distribution of $432,074 for the 29-day stand. Overnight purses averaged $368,074.
Amid high expectations and even higher purses, the latest racetrack fueled by slot machine revenues was unveiled Saturday, when Presque Isle Downs opened its 25-day meet.
- By Ryan Conley
MTR Gaming Group realized a 40% increase in net revenues for the second quarter, according to financials released Aug. 9, but recorded a net loss of $502,000 as the company battled slots competition from neighboring Pennsylvania.
MTR Gaming Group Inc. reported Aug. 9 it swung to a loss in the second quarter due to costs related to the launch of its new slots parlor at Presque Isle Downs racetrack in Pennsylvania.
MTR Gaming Group Inc. said May 16 its first-quarter profit fell from last year, as interest expenses increased due to borrowings for new construction.
Casino and racetrack operator MTR Gaming Group Inc. reported April 2 its fiscal fourth-quarter profit increased sharply due to higher sales and a significant increase in interest income.
The decision on where an Erie racetrack will be located is being pushed back because of engineering and legal issues.
Planners of a Thoroughbred racetrack near Erie are weighing two location options pending a Sept. 15 license amendment decision from the Pennsylvania Horse Racing Commission.
Thoroughbred racing at Mountaineer Race Track & Gaming Resort is on hold until at least Jan. 19 while track officials try to reach a new five-year contract with the Mountaineer Horsemen's Benevolent and Protective Association. Meanwhile, the track has offered to keep its stable are open with certain conditions, but the HBPA has balked.
MTR Gaming Group Inc., which has been granted a state license to build a horse racing track in Pennsylvania, has plans to build a temporary slot machine parlor where customers can gamble during the two years it will take to build the track.
Pennsylvania Gov. Ed Rendell isn't against having slot machines at locations other than racetracks, but he said if that's the case, it's imperative the tracks and the horse racing industry be protected.
The Ohio Racing Commission Monday formalized the sale of Scioto Downs harness track to MTR Gaming Inc.
MTR Gaming announced it has completed its aquisition of Scioto Downs, a Standardbred track in Columbus, Ohio.
The sale of Scioto Downs Harness Racing Track to MTR Gaming has been approved by Scioto shareholders.
A decision by the Commonwealth Court to vacate a license granted last year to MTR Gaming and opposition by House members to slots in the state is leaving many questions to be answered.
The Ohio Racing Commission has conditionally approved the sale of Scioto Downs, a Columbus Standardbred track, to MTR Gaming, owner of Mountaineer Race Track & Gaming Resort in West Virginia.
The owner of Beulah Park in Grove City, Ohio, said he is surprised at the bid made for the purchase of neighboring Scioto Downs.
Magna Entertainment's Pennsylvania subsidiary has appealed a decision by regulators to grant MTR Gaming a license to build Presque Isle Downs, a Thoroughbred racetrack proposed for the Erie area.
With minimal discussion, Pennsylvania racing commissioners Thursday morning granted MTR Gaming permission to build and operate a new racetrack in Erie.
MTR Gaming is expected to learn Sept. 26 whether it will receive a license for a new racetrack in Erie, Pa.
The owner of Mountaineer Race Track and Resort in West Virginia took a huge hit in the stock market Friday morning after releasing poor second quarter earnings.
Public companies with ties to Thoroughbred racing slumped from 1-20% Monday as the resignation of Tyco International's chairman and growing investor skepticism dragged down the entire market.
MTR Gaming Group, the owner of Mountaineer Race Track and Gaming Resort, reported double digit increases in revenue, earnings, and net income for the first quarter ending March 31.
MTR Gaming is as interested in acquiring an Ohio racetrack as it is in building a new track in Erie, Pa., according to the company's president.
MTR Gaming Group, owner of Mountaineer Park, reported double digit increases in revenue, net income, and earnings for the fourth quarter and 2001. The West Virginia company (Nasdaq:MNTG) also reported decreases in earnings per share for the quarter and for the year.
The approval of electronic pull-tabs in Indiana and the introduction of video lottery legislation in Kentucky pushed Churchill Downs stock up $1.80 to $41.80 per share Tuesday. On the flip side, MTR Gaming was downgraded by a major investment bank and its stock dropped 8.8%
Churchill Downs is one of 70 leading public and private companies asked to do a presentation before investors Wednesday morning at the 11th Annual CIBC World Markets Gaming, Lodging, and Leisure Conference in New York City.
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.
The parent company of Mountaineer Park reported record earnings, revenue, and net income for the third quarter ending Sept. 30. It was the best quarter in the company's history.
The public companies that own Mountaineer Park and Canterbury Park were recognized by Forbes magazine this week as two of the country's top 200 small companies.
Presque Isle Downs, the Thoroughbred racetrack proposed for Erie, Pa., will be the subject of a Pennsylvania State Horse Racing Commission hearing Oct. 9. The hearing, at which the public will be afforded a chance to speak, will be held in Erie.
MTR Gaming Group (Nasdaq:MNTG), the owner/operator of Mountaineer Racetrack & Gaming Resort in West Virginia, reported a 20 percent drop in revenue in the two weeks following the Sept 11. terrorist attacks on New York and Washington, D.C.
MTR Gaming Group (Nasdaq:MNTG) has received permission to increase the slot machines at Mountaineer Race Track by 31%. The new machines will raise the track's total number of video and slot machines to 2,500.
CIBC World Markets initiated coverage of Churchill Downs Inc. because of the company's growth potential. The investment bank also released an analysis of the racing industry.
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