MTR GAMING GROUP SUBSIDIARY TO ACQUIRE A 90%
INTEREST
IN JACKSON, MICHIGAN RACETRACK
CHESTER, WV – September 8, 2004 – MTR Gaming Group,
Inc. (Nasdaq National Market:MNTG) today announced that its
new wholly owned subsidiary, Jackson Racing, Inc. (“JRI”),
has signed a definitive agreement to acquire a 90% interest
in Jackson Trotting Association, LLC, a Michigan limited liability
company that operates Jackson Harness Raceway, which conducts
live harness racing (mid-April through mid-June) and year-round
simulcasting with pari-mutuel wagering in Jackson, Michigan.
Jackson is located approximately 35 miles from Lansing, 40
miles from Ann Arbor, 60 miles from Detroit, and 70 miles from
Toledo, Ohio.
The acquisition is subject to certain terms and conditions,
including the approval of the Michigan Racing Commission and
the sellers’ option to reduce JRI’s interest to
80% under certain circumstances, which are included in a Current
Report on Form 8-K and the exhibits thereto being filed today
by MTR with the SEC.
Edson R. (Ted) Arneault, President and Chief Executive Officer
of MTR Gaming, said, “We are enthusiastic about proceeding
with this transaction. This racetrack in Jackson, Michigan
fits well with our growth strategy to build and acquire other
middle-market parimutuel businesses in areas with the potential
for expanded gaming legislation, thus further expanding and
leveraging our operations and expertise. We look forward to
working with the track’s existing management and employees
to take Jackson Harness Raceway to the next level.”
About MTR Gaming Group
MTR Gaming Group, Inc., through subsidiaries, owns and operates
the Mountaineer Casino Racetrack and Resort in Chester,
West Virginia; Scioto Downs in Columbus, Ohio; the Ramada
Inn and Speedway Casino in North Las Vegas, Nevada; Binion’s
Horseshoe Hotel & Casino in Las Vegas, Nevada, which
the Company operates jointly with an affiliate of Harrah’s;
and holds a license (request for judicial review pending)
to build Presque Isle Downs, a thoroughbred racetrack with
pari-mutuel racing in Erie, Pennsylvania. The Company also
owns a 50% interest in the North Metro Harness Initiative,
LLC which has filed an application with the Minnesota Racing
Commission to construct and operate a harness racetrack and
card room 30 miles north of downtown Minneapolis. The Mountaineer
facility, the Company’s primary source of revenues,
currently encompasses a thoroughbred racetrack with off-track
betting and export simulcasting, 3,220 slot machines, 359
hotel rooms, golf course, spa & fitness center, theater
and events center, convention center and fine dining and
entertainment. MTR is included on the Russell 2000® and
Russell® 3000 Indexes. For more information, please visit
www.mtrgaming.com.
Except for historical information, this press release contains
forward-looking statements. Such statements are based on the
Company’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. We can give no assurance that
the acquisition of the interest in Jackson Trotting will be
consummated. The Company does not intend to update publicly
any forward-looking statements, except as may be required by
law.
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