FOR IMMEDIATE RELEASE
MTR GAMING GROUP COMMENTS ON MEC PENNSYLVANIA RACING
INC.'S CHALLENGE TO DECISION OF PENNSYLVANIA RACING COMMISSION
CHESTER,
WV - December 27, 2002 - MTR Gaming Group, Inc. (Nasdaq National
Market:MNTG) today commented on an appeal filed by
MEC Pennsylvania Racing Inc., a subsidiary of Magna Entertainment
Corp. that conducts harness racing, regarding the September
2002 unanimous decision of the Pennsylvania State Horse Racing
Commission to grant MTR's wholly owned subsidiary, Presque
Isle Downs, Inc., a license to conduct thoroughbred horse racing
and parimutuel wagering in Erie, PA.
MTR believes that the Pennsylvania State Horse Racing Commission
acted in accordance with all applicable laws, regulations and
procedures and that the appeal is without merit. The Company
intends to intervene in the appeal and assist the Commission
in any way it can.
In the interim, MTR plans to continue with the permitting
process for the Erie racetrack as well as the design and engineering
of the facility. Prudence dictates, however, that the Company
not commence construction until the matter is favorably resolved,
as to which there can be no assurances.
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.
About Scioto Downs
Scioto Downs owns and operates a harness horse racing facility in Columbus,
OH. Major racing programs conducted at Scioto’s facilities include
the Little Brown Jug Preview, the Scarlet O’Hara, the Pink Bonnet,
the Ohio Sires Stakes events and Ohio Fair stakes events.
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. |
