MTR Gaming Group registered a 4.33% decline in net revenue in 2010, but the company also reduced total operating expenses by 10.48% on the year, according to a financial report for 2010.
MTR Gaming, which owns Mountaineer Casino, Racetrack & Resort in West Virginia, Presque Isle Downs & Casino in Pennsylvania, and Scioto Downs in Ohio, reported a 4.51% drop in gaming revenue and 12.68% decline in pari-mutuel revenue for the year compared with 2009. Gaming expenses were down 4.66%, while pari-mutuel expenses dropped 9.96%.
Overall, the company reported a net loss of $5.11 million in 2010, down considerably from the loss of $22.53 million reported for 2009.
“We finished 2010 with a strong quarter, seeing increases in our top-line for the first time in over a year, as well as an improvement in adjusted (earnings before income, taxes, depreciation, and amortization,” MTR Gaming president and chief executive officer Jeffrey Dahl said in a statement accompanying the financial release. “Our results are even more impressive when considering the increase in competition due to the implementation of table games in Pennsylvania. Thus, while Mountaineer Casino was affected by the additional competition, we continue to benefit from table games at Presque Isle Downs.”
For the fourth quarter of 2010, net revenue was $94.8 million compared with $93.8 million for the final quarter of 2009. The company reported a loss from continuing operations of $2.8 million for the fourth quarter of 2010 compared with a loss from continuing operations of $24 million for the comparable quarter in 2009. MTR Gaming noted it spent $5.7 million on “lobbying and gaming efforts” in Ohio in the fourth quarter of 2009.
At Presque Isle, net revenue for the fourth quarter of 2010 was up 20% to $46 million. Net revenue at Mountaineer for the final quarter of last year was down 12% to $48.4 million because of “competitive pressures and weak economic conditions,” the company said.
Scioto Downs, a harness track with no gaming machines or table games, reported a loss from continuing operations of $1.35 million for 2010, down slightly from a loss of $1.39 million for 2009.
MTR Gaming said it had $53.8 million in cash and cash equivalents at the end of 2010, as well as $378.1 million in total debt.