MTR GAMING GROUP TO RESUME LIVE RACING
CHESTER,
WV - February 4, 2003 - MTR Gaming Group, Inc. (Nasdaq National
Market:MNTG) today announced that its wholly owned
subsidiary, Mountaineer Park, Inc. will resume live racing
7:00 p.m. ET this evening, having met this morning with
racing officials, horsemen and jockeys who determined that
track
and weather conditions make it safe to proceed.
Mountaineer will continue to conduct live racing and simulcasting,
subject to track and weather conditions, unless the Mountaineer
Park Horsemen's Benevolent and Protective Association ("HBPA")
request for injunctive relief is granted by the U.S. District
Court for the Northern District of West Virginia. If the court
were to enjoin simulcasting, Mountaineer would then reevaluate
whether to proceed with live racing, which is not a subject
of the lawsuit.
The Company reiterated that the dispute with the horsemen
concerning simulcasting has no impact on the Company's ability
to conduct its slot machine 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.
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.
|
