FOR IMMEDIATE RELEASE
MTR GAMING GROUP GRANTED LICENSE TO BUILD THOROUGHBRED
RACETRACK IN ERIE, PENNSYLVANIA
CHESTER, WV - September 26, 2002 - MTR Gaming Group, Inc.
(Nasdaq National Market:MNTG) today announced that its wholly
owned subsidiary, Presque Isle Downs, Inc., has been granted
a license by the Pennsylvania State Horse Racing Commission
to conduct thoroughbred horse racing and parimutuel wagering
in Erie, PA.
The Company plans to build a state-of-the-art horse racing
facility with dirt and turf racing that will also offer concerts,
entertainment, and fine and casual dining.
Edson R. (Ted) Arneault, President and CEO of MTR Gaming Group,
commented, "We are grateful to the Pennsylvania State
Horse Racing Commission for granting the approval and to the
people of Erie and the Commonwealth of Pennsylvania in the
public and private sectors who supported our application. We
are enthusiastic about building in Erie, which is already a
resort and tourist destination, and we hope to have the facility
open in time for the 2004 racing season. Additionally, the
new facility will present cross marketing opportunities with
Mountaineer, which is approximately 150 miles from Erie. We
look forward to updating you with our plans and progress."
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. |
