SCIOTO DOWNS SHAREHOLDERS APPROVE ACQUISITION
BY MTR GAMING GROUP
Chester, WV, and Columbus, OH,
July 23, 2003 – MTR Gaming
Group, Inc. (Nasdaq National Market:MNTG) and Scioto Downs, Inc.
(OTCBB:SCDO) today announced that Scioto Downs’ shareholders
approved the acquisition of Scioto by MTR Gaming Group.
The parties anticipate closing the transaction on July 31,
2003, subject to the remaining terms and conditions set forth
in the Merger Agreement, as amended, filed on Forms 8-K with
the Securities and Exchange Commission on December 24, 2002,
March 5, 2003, and May 7, 2003.
MTR continues to believe 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.
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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