W.Va. operator posts loss

Wednesday, April 3, 2002 | 11:05 a.m.

The owner of North Las Vegas' Speedway Casino reported a loss for the quarter ended Dec. 31, the result of a non-cash charge at its closed Reno casino.

MTR Gaming Group Inc. of Chester, W.Va., reported a loss of $644,000, or 2 cents per share. In the year-ago period, the company reported net income of $2.4 million, or 9 cents per share.

The loss was the result of a $5.5 million asset impairment charge, taken to reduce the book value of the Ramada Inn in Reno to its fair market value. When this and other one-time charges are factored out, the company's net income was $2.9 million, or 10 cents per share, an increase of 25 percent over the year-ago quarter.

Revenues rose 26 percent to $54 million, while cash flow increased 39 percent to $8.5 million.

MTR said it posted its first-ever full quarter of positive cash flow at the Speedway Casino. It didn't specify cash flow at the property, but said revenues from the casino rose 23 percent to $2.2 million.

MTR's largest property, the Mountaineer Race Track & Gaming Resort in West Virginia, was primarily responsible for the quarterly improvement, the company said. The property brought in $46.3 million in slot win, up 32 percent.