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Racetrack boosts earnings of LV casino operator

Wednesday, Aug. 8, 2001 | 10:48 a.m.

MTR Gaming Group Inc., owner of the Speedway Casino in North Las Vegas, reported a 19 percent gain in net income for the quarter ending June 30, 2001.

The Chester, W.Va., gaming company reported net income of $5.1 million, or 20 cents per diluted share, compared to year-ago net income of $4.3 million, or 17 cents per share. Revenues increased 29 percent to $54.3 million, while cash flow rose 26 percent to $10.9 million.

The gains came from MTR's Mountaineer Racetrack & Gaming Resort in West Virginia, which added 550 slot machines in the past year. Its 1,905 slots accounted for $44.6 million in slot win for the quarter, up 29 percent from the year-ago period.

But MTR's Nevada operations continued to trouble the company. Speedway reported $2.1 million in revenues, an increase of 21 percent, but the property still reduced MTR's earnings by $468,000 for the quarter. MTR's Speakeasy Casino in Reno posted an operating loss of $586,000; this casino was shut down by the company last week, though an attached Ramada Inn remains open.

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