GOVERNOR OF WEST VIRGINIA SIGNS BILL PROVIDING FOR LOCAL REFERENDUM TO AUTHORIZE RACETRACK TABLE GAMING
CHESTER, WV - March 21, 2007 - MTR Gaming Group, Inc. (NasdaqGS:MNTG) today announced that Governor Joe Manchin signed a bill providing for local referenda by which each of the four West Virginia counties having racetracks may authorize table gaming at that county's racetrack. The bill was approved during the recently concluded legislative session. The bill, HB 2718, permits table games provided that the racetrack's home county passes a referendum approving such games. MTR will pursue such a referendum in Hancock County, WV at the earliest practicable date.
Edson R. (Ted) Arneault, CEO of MTR Gaming Group, stated, "We are thrilled that the Legislature passed this bill and that Governor Manchin has signed it into law, reserving to the people of Hancock County the final say. If the voters approve table games, our plan is to add approximately 50 table games and 40 poker tables at Mountaineer. The addition of table games will also create approximately 500 jobs in Hancock County, an area suffering high unemployment due to a struggling steel industry.
"Initially, the tables at Mountaineer would be situated within our existing facility allowing a relatively fast start-up. We are enthusiastic about the prospect of offering table gaming to our existing customers, as well as drawing new customers who enjoy table games, and improving Mountaineer's overall competitive position."
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, and 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, among other things, the passage of a local referendum in West Virginia and the addition of table games at Mountaineer Casino Racetrack and Resort. 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 approval of table games in a local referendum, success at hiring and training the necessary employees to operate table games, our ability timely to acquire the necessary table games equipment, our continued suitability to hold and obtain renewals of our gaming and racing licenses, 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.
Steven D. Overly, VP, Business and Legal Affairs
(304) 387-8558
soverly@mtrgaming.com
www.mtrgaming.com
Investor Relations Counsel:
The Equity Group Inc.
Loren G. Mortman
212-836-9604
LMortman@equityny.com
www.theequitygroup.com |
