NLV operator’s results increase

Wednesday, May 2, 2001 | 11:04 a.m.

MTR Gaming Group Inc., a West Virginia-based casino operator, reported a 28 percent improvement in net income for the quarter ending March 31.

MTR reported net income of $4.3 million, or 17 cents per diluted share, compared to $3.4 million, or 13 cents per share, in the year-ago quarter. Revenues increased 35 percent to $48.6 million, while cash flow rose 28 percent to $9.7 million.

The company's money-maker for the quarter was its Mountaineer Racetrack and Gaming Resort in Chester, W.Va., which posted net win of $41 million, a 33 percent increase. MTR said it will add a new gaming room in July to the resort, which will increase its slot inventory by 595 machines, giving it 2,500 slots. The company plans to add a convention center there in August, and a 260-room hotel in early 2002.

Results were hurt, however, by continued losses from MTR's Speedway hotel-casino in North Las Vegas and Speakeasy casino in Reno. The two properties reduced MTR's earnings by $1.3 million, or 5 cents per share; however, MTR said the Speedway posted its first profitable month in March. Revenues from the Nevada properties rose 80 percent to $2.9 million in the first quarter.