MTR GAMING GROUP CLOSES ON SALE OF THE SPEEDWAY CASINO’S REAL PROPERTY PENDING REGULATORY APPROVAL OF THE SALE OF THE GAMING ASSETS

CHESTER, WV – January 14, 2008 – MTR Gaming Group, Inc. (NasdaqGS:MNTG) today announced that its subsidiary, Speakeasy Gaming of Las Vegas, Inc., has completed the sale of its Speedway Casino’s real property in North Las Vegas, NV to Ganaste, LLC. In order to expedite closing, pursuant to agreements dated January 11, 2008 that replaced a February 2007 Purchase and Sale Agreement, MTR agreed to bifurcate the transaction: first, an immediate sale of the real estate to Ganaste, which does not require regulatory approval; and second, the sale of the gaming assets to Lucky Lucy D, LLC upon regulatory approval. Lucky Lucy's sole owner is a shareholder of Ganaste and has recently been found suitable by the Nevada Gaming Commission in an unrelated transaction. Ganaste paid $11.4 million in cash for the real property. Lucky Lucy has agreed to pay $6,775,000 for the gaming assets, $2 million of which is to be paid in cash at the closing and the balance of up to $4.775 million subject to an earn out based on the property's gross revenues over the next four years. Pursuant to the agreements, Ganaste must spend at least $3 million on capital improvements over the next three years. The Lucky Lucy transaction with respect to the gaming assets, which is supported by a $650,000 non-refundable deposit, is subject to the approval of the Nevada Gaming Commission and the City of North Las Vegas. Pending regulatory approval and closing of the Lucky Lucy transaction, Speakeasy Gaming of Las Vegas, Inc. will continue to operate the property pursuant to a short-term lease.

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.

For Additional Information, Please Contact:

MTR Gaming Group, Inc.
www.mtrgaming.com
Steven D. Overly, VP, Business and Legal Affairs
(304) 387-8558
soverly@mtrgaming.com

Investor Relations Counsel:
The Equity Group Inc.
www.theequitygroup.com
Melissa Dixon (212) 836-9613
Mdixon@equityny.com
Linda Latman (212) 836-9609
LLatman@equityny.com