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  • Posse sire of Parody 1st Alw (May 23, 4th PEN). Owner, Midwest Thoroughbreds, Inc.; Breeder, Don Mattox & Pam Mattox...
  • Include sire of Window Boy 1st Grover (Buddy) Delp Memorial S. (May 23, 8th DEL). Owner, Luis Arenas; Breeder, Shelby Lane Farm Inc. & IncludeSyndicate...
  • Philanthropist sire of Rob the Cradle 1st Alw (May 23, 2nd WO). Owner, Andrews, Denny and Paradox Farms Inc.; Breeder, Gardiner Farms Limited...
  • City Weekend sire of City Sweets 1st Mdn (May 23, 3rd IND). Owner, Mast Thoroughbreds LLC; Breeder, Robert Gorham & Mast Thoroughbreds LLC...
  • Medaglia d'Oro sire of Dealer 1st Alw (May 23, 8th CT). Owner, Coleswood Farm, Inc.; Breeder, Family Broodmare, LLC...
  • Indian Charlie sire of Nechez Dawn 1st Alw (May 23, 7th AP). Owner, Tresner, Coby and Matsas, Alex; Breeder, B. P. Walden Jr., Hargus Sexton & SandraSexton...
  • Bustin Stones sire of Bustinattheseams 1st Mdn (May 23, 2nd BEL). Owner, Bourque Goldstein Thoroughbreds LLC; Breeder, Eaton & Thorne, Inc....
  • Luftikus sire of Joyful Kiss 1st Alw (May 23, 7th CT). Owner, Winfred L. Hess, Jr.; Breeder, Ann M. Casey...
  • Mancini sire of Ride Around Sally 1st Alw (May 23, 6th IND). Owner, Joe Uliano; Breeder, Spade Stable...
  • Yankee Gentleman sire of Little Dale 1st Alw (May 23, 7th BEL). Owner, Vaccarezza, Priscilla, Amante, Anthony and Garrity, Christine; Breeder, Philip Birsh...
  • Hard Spun sire of Ribbon Taffy 1st Mdn (May 23, 5th IND). Owner, Pucek, John Paul and Marcinek, Paige; Breeder, Matthew R. Herbener...
  • Proud Citizen sire of Citizen Kat 1st Alw (May 23, 7th PEN). Owner, Midwest Thoroughbreds, Inc.; Breeder, Mark Reid & Charles Zacney...
  • Strut the Stage sire of Head Honcho 1st Alw (May 23, 7th WO). Owner, Annecchini and D'Alimonte Holdings Inc. and Kingfield Farm; Breeder, William D. Graham...
  • Hard Spun sire of Gleaning 1st Mdn (May 23, 4th PID). Owner, Robert T. Manfuso; Breeder, Nursery Place & Robert T. Manfuso...
  • Petionville sire of Wups 1st Thoroughbred Maiden Derby (May 23, 9th BOI). Owner, Paul Treasure; Breeder, Michael Iavarone...
  • Jazil sire of Love Me Good 1st Mdn (May 23, 2nd PID). Owner, Sheltowee Farm and Blazing Meadow Farm; Breeder, Sheltowee Farm...

NEWS

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MTR Gaming reports net loss

Posted: Friday, October 31, 2008 6:34 PM

by Frank Angst

While MTR Gaming Group reported increased third-quarter revenues compared with last year, the racetrack and casino owner lost $8.24-million in the third quarter.

MTR Gaming incurred noncash charges aggregating $11.2-million in nonstrategic assets, including a $2.6-million asset impairment loss related to Jackson Harness Raceway and an $8.6-million impairment loss on its 50% joint venture investment in Running Aces Harness Park. The loss amounts to 30 cents per diluted share.

With net revenue increases at both Mountaineer Casino, Racetrack and Resort and Presque Isle Downs, MTR Gaming Group registered a strong third quarter in terms of revenues. Compared with 2007, net revenues for the racetrack and casino owner increased 13% to $131.4-million in the quarter.

MTR Gaming attributed the increase to the addition of table gaming at Mountaineer and increased slot revenues at Presque Isle. Net revenues at Mountaineer increased 15% to $77.3-million while net revenues at Presque Isle jumped 10% to $51.5-million.

“We are pleased with our revenue and EBITDA growth at our two largest properties, which has enabled us to continue to pay down long-term debt by about $13-million in the third quarter and achieve our credit facility coverage ratio requirements,” said MTR Gaming President Ted Arneault.

Arneault will step down at the end of the year and be replaced by Robert Griffin.

Frank Angst is a Thoroughbred Times senior staff writer

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