MTR Gaming Group Reports First-Quarter Loss

MTR Gaming Group reported a net loss for the first three months of 2010.

MTR Gaming Group reported a net loss of $3.3 million for the first quarter of 2010 versus net income of $752,000 for the same period in 2009.

MTR Gaming owns Mountaineer Casino, Racetrack & Resort in West Virginia, Presque Isle Downs & Casino in Pennsylvania, and Scioto Downs in Ohio.

Total net revenue for the first three months of 2010 was $99.4 million, down 9% from $109.7 million, the company reported May 10. Net revenue at Mountaineer was down 12% to $58.6 million in the first quarter of 2010, and down 6% to $40.6 million at Presque Isle.

Mountaineer has video lottery terminals and table games; Presque Isle has slot machines and will add table games this year.

“We are excited about the opening of table games at Presque Isle Downs and believe that table gaming will enable us to grow our business in our existing markets,” MTR Gaming president and chief executive officer Robert Griffin said in a statement.

The company said current and prior-year results reflect the presentation of Running Aces Harness Park in Minnesota, Jackson Harness Raceway in Michigan, and the Ramada Inn and Speedway Casino and Binion’s Gambling Hall & Hotel in Las Vegas as discontinued operations.

As of March 31, MTR Gaming had $46.3 million in cash and $390.3 million in total debt, net of discounts, on its consolidated balance sheet.