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NLV casino owner posts improved results

Wednesday, March 21, 2001 | 11:08 a.m.

MTR Gaming Group of Chester, W.Va., the owner and operator of the Speedway Casino in North Las Vegas, on Tuesday reported net income of $2.35 million, or 9 cents per diluted share for the quarter ending Dec. 31, up from $391,000, or 2 cents per share, in the year-ago quarter.

Company revenues rose 38 percent to $42.8 million, while cash flow increased 36 percent to $6.1 million. But the company said disappointing results at its North Las Vegas and Reno casinos reduced earnings by $1.6 million, or 6 cents per share, despite a 123 percent increase in revenues from the two properties.

The Speedway recorded an operating loss during the quarter, but is expected to turn profitable in March, the company said. The property's exact financial performance wasn't disclosed.

In addition to its Nevada properties, MTR operates the Mountaineer Racetrack & Gaming Resort in West Virginia.

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