| MTR GAMING GROUP TO OPEN PRESQUE ISLE DOWNS & CASINO TOMORROW, FEBRUARY 28TH
CHESTER, WV - February 27, 2007 - MTR Gaming Group, Inc. (NasdaqGS:MNTG) today announced that it will be opening Presque Isle Downs & Casino's Clubhouse, including 2,000 slot machines, tomorrow, February 28 at 9:00 a.m., following today's receipt of the Pennsylvania Gaming Control Board's final approval to open the facility.
Situated on a 272-acre site, approximately 58.4 acres of which are dedicated to the public as open space, Presque Isle currently consists of a 140,000 square foot Clubhouse with 2,000 slot machines, fine and casual dining, bars, and approximately 3,225 parking spaces. The Company expects to open Presque Isle's state-of-the-art thoroughbred horse racing facility in September of this year, which will feature racing as well as concerts and nightly entertainment.
Edson R. "Ted" Arneault, President and CEO of MTR Gaming Group, stated, "We are thrilled to be opening Presque Isle Downs tomorrow. We have already seen a high level of interest in the facility, and expect it to generate significant revenues and profits and substantially diversify MTR's operations. Additionally, Presque Isle Downs will be an important driver of economic growth for the region. We currently employ 650 individuals, and will add more jobs when we open the track. We are very enthusiastic about Presque Isle's prospects and look forward to reporting on the property's future developments."
The Company has launched an advertising campaign in the Erie media market, as well as in other parts of Pennsylvania, Ohio, and New York. Additionally, MTR will be cross-marketing the facility with its Mountaineer Casino Racetrack and Resort in Chester, WV, which is approximately 150 miles from Presque Isle Downs.
For additional information on the facility, please visit www.presqueisledowns.com.
About MTR Gaming Group
MTR Gaming Group, Inc., through subsidiaries, owns and operates the Mountaineer Casino Racetrack and Resort in Chester, WV; Presque Isle Downs & Casino in Erie, PA; Scioto Downs in Columbus, OH; the Ramada Inn and Speedway Casino in North Las Vegas, NV; and Binion's Gambling Hall & Hotel in Las Vegas, NV. The Company also owns a 90% interest in Jackson Trotting Association, LLC, which operates Jackson Harness Raceway in Jackson, MI. Additionally, MTR owns a 50% interest in the North Metro Harness Initiative, LLC, which has a license to operate a harness racetrack 30 miles north of downtown Minneapolis. 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 the expected revenue and profits from Presque Isle Downs and the date of commencement of live racing and pari-mutuel wagering operations. 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 actual operating and financial results at Presque Isle Downs meeting the Company's expectations, and, with respect to the date of commencement of racing operations, the timely completion of construction of the racetrack and associated buildings and facilities, availability of race horses, continued licensing by the State Horse Racing Commission, and other risks inherent in operating a racing venture, as well as 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.
Lauren G. Mortman
212-836-9604
LMortman@equityny.com
www.theequitygroup.com
|
