Gamblers looking beyond casino games can climb the summit of MTR Gaming Group. The company operates three regional casino hotels in the US. Its Mountaineer Racetrack and Gaming Resort in Chester, West Virginia includes horse racing and wagering, in addition to some 2,500 slot machines, 25 poker tables, and approximatelu 60 additional table games. The Mountaineer resort also boasts a hotel and convention center, as well as a fitness center, a theater, and several restaurants. Its Presque Isle Downs & Casino in Erie, Pennsylvania also has horse racing and wagering, as well as about 2,000 slot machines, 50 table games, and dining options. MTR also owns Scioto Downs, the operator of a harness racetrack in Ohio.
MTR has been busy divesting non-core assets, such as its Ramada Inn and Speedway Casino and its Binion's Gambling Hall & Hotel, both in Las Vegas, as well as its Jackson Harness Raceway and its stake in Running Aces Harness Park. These sales have allowed the company to focus on its three main casino hotels. Such efforts include the 2010 addition of table games to Presque Isle Downs.
In 2010 the company experienced a slight decline in revenues, thanks to competition from neighboring casinos in Pennsylvania and the downturn in general economic conditions. However, it also reported a jump in net income, due in part to cutting expenses at Mountaineer, including a decrease in compensation and benefits costs, as well as a decrease in marketing promotions and advertising costs. In addition, MTR spent less on lobbying efforts for gaming in Ohio. (Casino gaming in Cleveland and Columbus, Ohio was approved in late 2009.)
Colorado-based casino operator Jacobs Entertainment owns more than 15% of the company.
▲ Show Less▼ Show Full Description