10/17/03
FOR RELEASE: IMMEDIATE
CONTACT: TAMARA PETTIT
DIRECTOR OF PUBLIC RELATIONS
304-387-8335(OFFICE)304-479-8097(CELL)
CHESTER, WV - MTR Gaming Group, Inc., parent company of Mountaineer Casino Racetrack and Resort, has been listed by FORBES MAGAZINE
as one of “200 Up And Coming Companies.” MTR captured
the 101 spot on the listing in the October 27 edition of FORBES
now on the newsstands. MTR is the only West Virginia company
to be listed.
The listed companies, deemed “Hot Shots: 200 Up And
Coming Companies” by FORBES, mirror larger trends in
America with health care a swelling segment of those and industries
being spawned from post 9/11 concerns over national security.
“Share prices of this year’s list of 200 entrepreneurial
companies are up an average of 58 % over the past 12 months
compared with 36 % for the Russell 2000 Index,” said
FORBES. The screening process for inclusion on the list begins
with a database of more than 3,500 companies whose latest 12-month
sales were $5 million to $600 million and whose shares traded
above $5 by the end of September. Financial statements were
reviewed for at least the past two years, excluding any company
that went public after January 1, 2001. FORBES researched companies
to uncover any major litigation or significant management shuffles
that might adversely impact a company’s finances.
For the ranking, equal weight was given to growth in sales,
earnings and return on earnings for the past five years and
the latest 12 months. Mountaineer, ranked 21st among the 5-year
return on earnings and 87th on sales with profits ranking 123rd.
MTR has received the recognition of national financial media
for its phenomenal turnaround since 1995 when the company reported
a loss from operations of $5.4 and total revenues of $24.9
million. In 2002 the company reported income from operations
of $27.6 million and total revenues of $266.3 million.
“Being listed as one of FORBES “200 Up And Coming
Companies” is made even more meaningful by Mountaineer’s
ability to sustain revenue growth while evolving into a destination
resort in difficult economic times,” said Ted Arneault,
MTR’s president & CEO. Since the passage of video
lottery in 1994 MTR has invested $193 in new and improved facilities
at Mountaineer including the most recently opened Grande Hotel
complex. Future plans call for a golf course and river walk
shopping mall. “We’re building for our future and
the future of the Ohio Valley,” said Arneault. “As
we continue to build and to add entertainment options, we’re
not only ensuring that our success and growth continue, but
that are we able to provide jobs for area residents.”
Employment at Mountaineer has grown from 342 direct employees
in 1994 to more than 1700 today with those licensed workers
on the backside increasing from 1,240 in 1994 to 3,640 currently.
The Hancock County Commissioners have initiated a petition
drive asking the Governor and the West Virginia Legislature
to authorize a local referendum allowing Hancock County residents
to vote on table gaming at Mountaineer. Table gaming will add
400 jobs to Mountaineer.
MTR also owns and operates the Speedway Casino in Las Vegas
and Scioto Downs in Columbus and has been granted a racing
license in the State of Pennsylvania and will build and operate
Presque Isle Downs, a thoroughbred racetrack in Erie, PA.
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