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MTR says racino at Scioto possible

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August 10, 2010 Send To A Friend  | Print View

In a conference call on its second-quarter earnings on Monday, Aug. 9, MTR Gaming Group indicated  it could spend up to $100 million to construct a video lottery terminal casino at Scioto Downs. MTR officials also said they are waiting to see if the opportunity develops in Ohio, where the state lottery is in the process of writing rules for allowing VLTs at the state's racetracks per a 2009 order from Gov. Ted Strickland.
 
“We need to see some final rules (before making firm plans),” said Robert Griffin, chief executive officer of MTR Gaming, which owns Scioto and the Thoroughbred tracks Mountaineer Casino, Racetrack & Resort in West Virginia and Presque Isle Downs & Casino in Pennsylvania. It previously owned part of Running Aces harness track in Minnesota.

MTR Gaming reported second-quarter revenue of $111.6 million, down 8% from $121.1 million for the second quarter of 2009. Adjusted earnings before interest, taxes, depreciation, and amortization came in at $21 million, up 6% from $19.9 million last year. Net loss for the second quarter was $500,000, down from n et income of $400,000 for the second quarter of 2009.


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