MTR Gaming Group, which owns three racetracks, has entered into a "definitive agreement" by which it will combine with the parent company of Eldorado Resorts, the company said Sept. 9.
The owner of the Colonial Downs in Virginia wants to sell his company to West Virginia-based MTR Gaming Group Inc., in exchange for $144.5 million in MTR stock.
With strong assistance from its video lottery terminal operation at Scioto Downs in Ohio, MTR Gaming Group greatly reduced its net loss for the first quarter of 2013 compared with the same period in 2012.
MTR Gaming Group reported a 14.5% improvement in revenue in 2012 despite an increase in competition from other casinos, the company reported March 7 in its latest earnings report.
Turf racing has returned to Mountaineer Casino Racetrack & Resort, which reopened its seven-furlong course on Memorial Day.
It appears Scioto Downs, a harness track in Columbus, will be the first racetrack in Ohio to open its video lottery terminal casino.
Presque Isle Downs & Casino now has 668 stalls after building two 48-stall barns in advance of its 2012 meet, officials said April 17.
MTR Gaming Group reported solid growth in net revenue for the fourth quarter of 2011 but a net loss for the quarter and the year.
A central Ohio racetrack is the first of seven tracks in the state to receive a license to install and operate video lottery terminals.
The parent company of Mountaineer Casino, Racetrack & Resort in West Virginia and Presque Isle Downs & Casino in Pennsylvania is the first to apply for a video lottery terminal license in Ohio.
MTR Gaming Group, which recently received approval to refinance its debt, reported net income of $2.3 million for the second quarter of 2011. For the same three months in 2010, the company posted a net loss of $500,000.
After just 15 months on the job, Jack Sours is out as general manager of Mountaineer Casino, Racetrack and Resort in West Virginia.
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.
Two executives have resigned their positions at MTR Gaming Group, which owns and operates Mountaineer Casino, Racetrack & Resort in West Virginia and Presque Isle Downs in Pennsylvania.
MTR Gaming Group indicated Aug. 9 it could spend up to $100 million to construct a video lottery terminal casino at Scioto Downs south of Columbus, Ohio.
A gaming and racing company with interests in Ohio said it believes a 2009 governor's directive for racetracks to install video lottery terminals can move ahead.
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 Group reported declines in revenue and earnings for 2009, but also saw improvement in these areas for the fourth quarter of the year.
Beulah Park in central Ohio is poised to be, or has been, sold to Penn National Gaming Inc., according to Ohio racing industry representatives.
An MTR Gaming Group official said Nov. 4 passage of a casino referendum in Ohio will create new competition but also offer opportunity for racetracks in the Buckeye State.
A West Virginia racetrack has settled a lawsuit by a jockey who was paralyzed from the chest down during a racing accident in 2004.
- By Tom LaMarra
The Chickasaw Nation appears well on its way to purchasing Remington Park in Oklahoma from Magna Entertainment Corp., but the fate of other MEC racetrack holdings is fuzzy at best.
Mountaineer Casino, Racetrack & Resort announced Aug. 28 it has reduced its workforce by another 35 employees.
MTR Gaming Group, which cut jobs and corporate expenses in the past year, released improved financial results for the second quarter of 2009 and said it's poised for growth in Ohio, where racetrack video lottery terminals have been authorized.
The owner of Colonial Downs reported May 14 an increased first-quarter profit of $3.1 million, helped by the improved performance of its racing subsidiary.
Presque Isle Downs & Casino near Erie, Pa., will begin its 100-night meet May 8 with more exposure for its signal.
MTR Gaming Group swung to a profit of $742,000 in the first quarter of the year, with officials vowing May 7 to continue to improve on current operations rather than seek other properties to add to the company's portfolio.
The owner of Colonial Downs reported it lost $4.1 million during 2008, due in part to its investment in MTR Gaming Group, it was reported March 18.
MTR Gaming Group on March 12 reported a $17.7 million loss for 2008, and took a shot at a new Ohio proposal to put slots in casinos.
A public changing of the guard at MTR Gaming Group Inc. was experienced Oct. 31 during a conference call with analysts and shareholders, as the company bid farewell to longtime chief Ted Arneault and welcomed his successor Robert Griffin.
Shares of Magna Entertainment Corp. plummeted by more than 50% on heavier than average volume Sept. 30, prompting more concern for the owner of the site of next month's Breeder' Cup World Championships.
Robert F. Griffin has been announced as the successor to Ted Arneault as president and chief executive officer of MTR Gaming Group, the company announced Sept. 23.
Presque Isle Downs is the latest track to get caught up in the battle over revenue sharing of online and telephone wagering companies as signals to many advance deposit wagering companies were cut off May 11 due to lack of agreements with the Pennsylvania Horsemen's Benevolent and Protective Association.
Play at poker tables in their first few weeks of operation at Mountaineer Race Track & Gaming Resort has exceeded expectations.
The company that owns Mountaineer Race Track & Gaming Resort is attempting to focus on its core holdings, and on June 30 will find out whether it can add table games at the West Virginia facility.
Presque Isle Downs, the new Erie, Pa., track owned by MTR Gaming Group, will install Michael Dickinson's synthetic Tapeta racing surface before its inaugural Thoroughbred meet begins Sept. 1.
MTR Gaming Group has launched an online account wagering service called RacelineBet.com, which is affiliated with AmericaATB.
Presque Isle Downs, the new Erie, Pa.-area racetrack that plans to open Sept. 1 for its inaugural Thoroughbred meet, will have a synthetic surface.
Presque Isle Downs became the fourth racino to being operating in Pennsylvania when it opened its slot-machine parlor Feb. 28. Live Thoroughbred racing is scheduled for September.
Presque Isle Downs, currently under construction near Erie, Pa., plans to offer 25 nights of Thoroughbred racing for its inaugural season in September 2007, track officials and horsemen said.
Supporters of video lottery terminals at Ohio's seven racetracks have collected 117,000 more signatures than needed to put the issue on the November ballot, though they must be validated.
Three groups seeking to legalize video lottery terminals at Ohio racetracks have decided to join forces rather than pursue their own ballot questions, which have generated conflict.
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.
Officials with Scioto Downs in Columbus, Ohio, said May 22 all systems are go on its purchase by MTR Gaming Group, owner of Mountaineer Race Track & Gaming Resort in West Virginia.
MTR Gaming Group, owner of Mountaineer Race Track and Gaming Resort in West Virginia, is pursuing the issuance of $130 million in senior notes through a private placement, business wires reported Feb. 26. The money for be used for several projects, including development of a track in Pennsylvania.
MTR Gaming Group, Inc., which owns and operates Mountaineer Race Track and Gaming Resort in Chester, West Virginia, announced Friday it has been granted a motion to expedite the appeal of its license to conduct Thoroughbred racing and parimutuel wagering in Erie, Pa. The hearing is scheduled for May.
A new subsidiary of MTR Gaming Group, owner of Mountaineer Racetrack & Gaming Resort, has applied for a license to construct a Thoroughbred racetrack in Erie, Pa. Live racing hasn't been held in Erie since the late 1980s.
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