MTR GAMING GROUP COMMENTS ON CITIZEN'S GROUP PETITION FOR REVIEW OF THE PENNSYLVANIA GAMING CONTROL BOARD'S APPROVAL OF PRESQUE ISLE DOWNS' CONDITIONAL CATEGORY 1 SLOT LICENSE
CHESTER, WV – December 13, 2006 - MTR Gaming Group, Inc. (NasdaqGS:MNTG) commented today on a Petition for Review filed by Citizens Against Gambling Subsidies, Inc., a recently formed non-profit Pennsylvania Corporation, and Paul F. Curry, of 3353 Hershey Road, Erie, Pennsylvania, as petitioners. The Petition, which the Pennsylvania Gaming Control Board received on December 11, challenges the Board's order granting MTR's wholly-owned subsidiary, Presque Isle Downs, a Conditional Category 1 Slot Machine License. The Pennsylvania Supreme Court has exclusive jurisdiction over the decisions of the Board.
Presque Isle Downs was not named a party in the action but intends to intervene in the proceedings and assist the Board in any way it can, including efforts to seek expedited consideration and a summary disposition of the Petition. MTR believes the Board acted in accordance with all applicable laws, regulations and procedures and that the Petition is without merit.
MTR believes the proceeding will not delay the scheduled December 20, 2006 decision of the Board regarding Presque Isle Downs' permanent slot license. MTR noted, however, that under the Pennsylvania Gaming Act, the Supreme Court's review of the Petition must be completed and a final decision rendered before a permanent license is issued and Presque Isle Downs opens for business.
MTR added that it will seek to resolve the action prior to the projected February 15, 2007 opening of Presque Isle Downs and that it is continuing its construction and hiring activities to prepare for the projected opening on that date. MTR also stated, however, that it could provide no assurance that Presque Isle Downs will open on that date or that the Board will prevail in this proceeding.
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 Gambling Hall & Hotel in Las Vegas, Nevada, and holds licenses to build Presque Isle Downs, a thoroughbred racetrack with pari-mutuel wagering and slot machine gaming in Erie, Pennsylvania. The Company also owns a 90% interest in Jackson Trotting Association, LLC, which operates Jackson Harness Raceway in Jackson, Michigan. Additionally, MTR owns a 50% interest in the North Metro Harness Initiative, LLC, which has a license to construct and operate a harness racetrack 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 concerning, among other things, the issuance of a permanent Category 1 Slot Machine License to operate a slot machine parlor in Erie, Pennsylvania. 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 include but are not limited to the ruling of the Pennsylvania Supreme Court, Western District, issuance and the timing of issuance of licenses, including a Permanent Category 1 Slot Machine License, and the authorization to commence operations by the Pennsylvania Gaming Control Board with respect to slot machines at Presque Isle Downs, and other factors described in the Company's periodic reports filed with the Securities and Exchange Commission. The Company does not intend to update publicly any forward-looking statements, except as may be required by law. The cautionary advice in this paragraph is permitted by the Private Securities Litigation Reform Act of 1995.
For Additional Information, Please Contact:
MTR Gaming Group, Inc.
Edson R. (Ted) Arneault, President & CEO
304-387-8300
Investor Relations Counsel:
The Equity Group Inc.
www.theequitygroup.com
Loren G. Mortman
212-836-9604
LMortman@equityny.com
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