MTR GAMING GROUP AND SCIOTO DOWNS ANNOUNCE
OHIO STATE RACING COMMISSION APPROVAL OF MERGER
Chester, WV, and Columbus, OH, April 11, 2003 – MTR
Gaming Group, Inc. (Nasdaq National Market:MNTG) and Scioto
Downs, Inc. (OTCBB:SCDO) today announced that the Ohio State
Racing Commission unanimously approved the acquisition of Scioto
Downs, Inc. by MTR Gaming Group.
The approval is subject to the licensing of the appropriate
officers and employees of MTR and receipt by the Commission
of a report upon finalization of the proposed merger agreement
between MTR and Scioto Downs. The merger also remains subject
to the remaining terms, conditions and governmental approvals
set forth in the December 23, 2002 Merger Agreement, as amended
on February 24, 2003.
Edson R. (Ted) Arneault, President and CEO of MTR Gaming Group,
and Edward T. Ryan, President of Scioto, jointly stated, “We
are grateful to the Ohio State Racing Commission for granting
the approval, and remain enthusiastic about the prospect of
the merger. The merger will enable us to capitalize on our
combined management strength and mutual understanding of the
market to further build Scioto’s business and produce
improved operating results. Additionally, the proposed transaction
creates cross-marketing opportunities, and fits well with MTR’s
strategy to diversify and leverage expertise.”
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.
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