FOR IMMEDIATE RELEASE
MTR GAMING GROUP RECEIVES REGULATORY APPROVAL FOR 595 ADDITIONAL
SLOT MACHINES REPRESENTING 31% INCREASE
CHESTER, WV - July 31, 2001 - MTR Gaming Group, Inc. (Nasdaq
National Market:MNTG) today announced that the West Virginia
Lottery Commission approved the addition of 595 slot machines
at the Company's Mountaineer Casino Racetrack and Resort.
Once installed, the additional machines will bring Mountaineer's
total to 2,500, representing a 31% increase. The Lottery Commission
also voted to expand the hours for video lottery on Sundays,
permitting the State's racetracks to open for gaming at 10:00am
instead of 1:00pm.
Edson R. (Ted) Arneault, President and CEO of MTR Gaming Group,
stated, "We are grateful to the Lottery Commission for
granting the approval. We are currently on track to open a
new 39,000 square foot gaming room in August that will house
the new machines. The gaming space and additional slots will
enable us to accommodate the increased traffic we have been
experiencing as we continue to expand our operations."
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,
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