MTR GAMING GROUP REPORTS ON MOUNTAINEER "TRIFECTA" AND
THE 28th RUNNING OF THE WEST VIRGINIA DERBY
-- Opening of 32,000 Square Foot Speakeasy Addition -
-- Launch of Export Simulcasting -
-- Dedication and Opening of Arena --
CHESTER, WV - August 14, 2000 -- MTR Gaming Group, Inc. (Nasdaq:
MNTG) today reported that on Friday, August 11, the Company's
Mountaineer Casino Racetrack and Resort successfully opened
its new gaming room, commenced export simulcasting of its live
thoroughbred races, and opened the Harvey E. Arneault Memorial
Theatre and Events Center ("The Harv").
At approximately 5:15 p.m. on Friday, Mountaineer opened the
doors to the 32,000 square foot addition to the Speakeasy Gaming
Saloon. As of the opening, a total of 504 additional slots,
consisting of 376 coin drop and 128 ticket machines were operating.
Upon final testing of more machines, which the Company believes
will take place in the next several weeks, the addition will
house 550 slots, of which 466 will be coin drop and 84 ticket.
Mountaineer now has more than 1850 out of an authorized 1905
slots in approximately 100,000 square feet of gaming rooms,
with 75,000 square feet in the Lodge and Speakeasy Gaming Saloon
and 25,000 square feet in the trackside gaming rooms.
At 7:00 p.m. Mountaineer commenced exporting its live races
via satellite to tracks and off track wagering facilities around
the country. Racing fans at 68 outlets wagered $151,000 on
Mountaineer's races. Saturday's race card, which included the
$300,000 West Virginia Derby and other stakes races, generated
export simulcast handle of $380,500 from 72 outlets, and the
export simulcast handle for Sunday's races totaled $239,200
from 122 outlets. Commenting on the launch of export simulcasting,
Rose Mary Williams, Mountaineer's Director of Racing, said, "With
six-figure daily purses, a new state-of-the-art tote board
and lighting and consistently full fields, we are aggressively
marketing our racing signal. While the success of our efforts
will be measured over months and years, we could not be more
pleased with this beginning." Ms. Williams continued, "We
expect the export simulcast handle to build over time and for
the resulting broader wagering pools to have a positive impact
on our live on-track handle as well."
At 8:00 p.m., Mountaineer opened The Harv, a versatile 70,000
ft² arena for concerts and sporting events, with a performance
by the internationally acclaimed Three Sopranos. Accompanied
by the Wheeling Symphony Orchestra, the Three Sopranos entertained
an appreciative crowd that included the State's Governor and
other dignitaries.
Edson R. (Ted) Arneault, president and CEO of MTR Gaming Group,
explained the significance of Friday's trifecta. "In the
few short months since announcing our planed $60 million expansion
of Mountaineer, we have prepared our racetrack for export simulcasting,
constructed more than 100,000 square feet of new buildings,
added more than 500 gaming positions, and paved and striped
1,700 new parking spaces to support what is, essentially, the
simultaneous commencement of three new businesses. Our gaming
rooms have been operating near capacity - particularly at night
and on the weekends-- and we believe there is pent up demand
for more product. The new gaming room will allow us to accommodate
more patrons and thus take full advantage of the success of
our marketing efforts. The new room will take our Speakeasy
theme to a new level and provides a new and varied gaming experience.
We expect this addition to increase our slot revenue and profit
immediately. We are grateful to our employees and contractors
for their hard work in completing the building within our ambitious
schedule and to the employees of the West Virginia Lottery
Commission for their efforts in bringing these additional machines
on line in the eleven days following regulatory approval of
our request."
Mr. Arneault continued, "The opening of our arena is
another critical piece of the puzzle. The Harv allows us to
bring Las Vegas caliber entertainment to Mountaineer. In addition
to our opening with the Three Sopranos, we have booked Paul
Anka, Tony Bennett, Kenny Rogers, Neil Sedaka and other stars,
as well as HBO's popular KO Nation boxing event. Simply stated,
quality entertainment will drive gaming revenues and ultimately
support our convention business."
On the subject of export simulcasting, Mr. Arneault said, "Export
simulcasting represents a new source of revenue for Mountaineer
and is our best chance for improving the financial performance
of our racing operations. Equally important, export simulcasting
provides a three to four hour opportunity for us to market
Mountaineer and our Nevada properties to racing fans across
the country."
The Company also reported that on Saturday, Mountaineer's
nine-race card, which included the 28th running of the West
Virginia Derby, constituted the richest day of racing in West
Virginia history. Total purses for the day topped $575,000.
The Derby carried a purse of $300,000 with $180,000 going to
the winner and attracted horses from many renowned stables.
With more than 16,000 in attendance, the Company considered
the event a tremendous success. The West Virginia Derby is
scheduled to be broadcast on ESPN.
MTR Gaming Group, Inc., a West Virginia based corporation,
through subsidiaries, owns and operates the Mountaineer Casino Racetrack and Resort in Chester, West Virginia, the Ramada Inn and Speedway
Casino in North Las Vegas, and the Ramada Inn and Speakeasy
Casino in Reno, Nevada. The Mountaineer complex currently encompasses
a thoroughbred racetrack, including off track betting and export
simulcasting, 1,859 video lottery terminals, a 101-room hotel,
golf course, fine dining and entertainment, the Speakeasy Gaming
Saloon, and The Harv.
About MTR Gaming Group
MTR Gaming Group owns and operates the Mountaineer Casino Racetrack and Resort in Chester, West Virginia, which currently encompasses
a thoroughbred racetrack with off-track betting and export
simulcasting, 3,200 slot machines, 359 hotel rooms, golf course,
spa & fitness center, theater and events center, convention
center and fine dining and entertainment. The Company also
owns and operates the Ramada Inn and Speedway Casino in North
Las Vegas, and holds a license to build a new thoroughbred
racetrack with parimutuel wagering in Erie, Pennsylvania. MTR
is included on the Russell 2000® and Russell® 3000
Indexes. For more information, please visit www.mtrgaming.com.
Except for historical information, this
press release contains forward-looking statements concerning,
among other things, the acquisition of Scioto Downs, Inc.
Such statements are based on MTR’s current plans and
expectations. Such statements are subject to a number of
risks and uncertainties that could cause the statements made
to be incorrect and/or for actual results to differ materially.
Those risks and uncertainties are described in the Company’s
periodic reports filed with the Securities and Exchange Commission,
and with respect to the Scioto Downs acquisition are described
in the Merger Agreement, as amended, which is attached as
exhibits to the Company’s reports on Forms 8-K filed
December 24, 2002, March 5, 2003, and May 7, 2003. MTR’s
plans to build a racetrack in Erie, Pennsylvania remain subject
to the possibility of a legal challenge to the July 17, 2003
decision of the Pennsylvania State Horse Racing Commission
reinstating the license (which was originally granted in
late 2002) and the risks associated with land acquisition,development,
construction and integration of new operations. The Company
does not intend to update publicly any forward-looking statements,
except as may be required by law.
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