MTR GAMING PROVIDES UPDATE ON AGREEMENTS
WITH PARI-MUTUEL CLERKS AND HORSEMEN
CHESTER, WV – January 2, 2004 – MTR Gaming Group,
Inc. (Nasdaq National Market:MNTG) today announced that its
wholly owned subsidiary, Mountaineer Park, Inc., extended its
agreement with the union representing its pari-mutuel clerks
to January 10, 2004, and is currently negotiating a new, five-year
agreement. The agreements between Mountaineer Park and the
Horsemen’s Benevolent and Protective Association (“HBPA”)
governing live racing and simulcasting expired on January 1,
2004, and Mountaineer Park is currently negotiating a new,
five-year agreement with the HBPA. The next scheduled racing
date at Mountaineer is January 19, 2004. Absent an agreement
with the HBPA, Mountaineer will not conduct racing or pari-mutuel
wagering.
The expiration of the agreement with the HBPA will not affect
Mountaineer Park’s ability to conduct slot machine operations
unless the requisite agreements have not been reached by July
1, 2004, the renewal date for Mountaineer Park’s video
lottery license.
Edson R. (Ted) Arneault, President and CEO of MTR Gaming Group,
commented, “We believe that we will execute new contracts
with our pari-mutuel clerks by January 10, 2004 and with the
HBPA by January 19, 2004. We look forward to announcing our
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.
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