Tuesday, March 13, 2012CHESTER, W.Va. – MTR Gaming Group Inc. reports a net loss of $6 million for the fourth quarter of 2011. For the year ended Dec. 31, the net loss was $50.4 million, or $1.81 per diluted share.
For the fourth quarter of 2011, the company’s total net revenues were $103.6 million, an increase of 9.3% compared to $94.8 million in the same period of 2010. Net revenue growth increased by 15.2% at Mountaineer Casino, Racetrack & Resort here.
The net loss compares with a net loss of $2.8 million, or 10 cents per diluted share, for the same period in 2010.
Net revenues at Presque Isle Downs & Casino, Erie, Pa., increased 3.2% to $47.5 million during the fourth quarter of 2011 compared to $46 million during the fourth quarter of 2010. Table gaming at Presque Isle Downs generated $5.4 million of revenues compared to $4.7 million in the prior-year period, while slot revenue increased by $800,000 compared to the same quarter of 2010.
For the full year, MTR’s total net revenues increased approximately 1% to $428.1 million compared to $424.9 million in the prior year.
Adjusted EBITDA from continuing operations increased 6.7% to $82.6 million (which includes $2.1 million received from a mineral rights lease bonus payment) from $77.4 million last year (which includes $1.4 million of project-opening costs and $1.7 million of severance costs). At Dec. 31, 2011, MTR had $85.6 million in cash and cash equivalents, $130.1 million of funds that are held for construction of the video lottery terminal gaming facility at Scioto Downs Casino & Racetrack in Columbus, Ohio, and $548.9 million in total debt, net of discount. In addition, the company has $20 million available for borrowing under its revolving credit facility.
“Looking forward into 2012, we have already received our conditional license to install and operate video lottery terminals at our Scioto Downs Casino & Racetrack and are pleased to note that construction is proceeding on schedule for an anticipated second quarter 2012 opening," said Jeffrey J. Dahl, president and CEO of MTR Gaming. "Once completed, we believe the casino will have a significant beneficial impact on the Columbus, Ohio area in terms of entertainment, job opportunities and economic growth, as well as provide long-term value for our stockholders.”
Published by The Business Journal, Youngstown, Ohio.