Nov. 6, 2009 6:03 a.m.
CHESTER, W. Va. -- Third-quarter net income at MTR Gaming Group Inc. of $577,000, or 2 cents per share, compares to a net loss of $8.2 million, or 30 cents per share, for the third quarter of 2008. Current-quarter results reflect $3.7 million spent on lobbying efforts to defeat voter approval of casino gaming in Ohio. The ballot initiative passed. ##M:[MORE]##

The results also reflect marketing costs at Mountaineer Park Casino, Racetrack and Resort here in response to increased competition, primarily from the opening of the Rivers Casino in downtown Pittsburgh.

“The voters of Ohio approved Issue 3, which will increase the competition in our regional markets starting around 2013,” said Robert Griffin, MTR president and CEO, in a prepared statement, and the company is considering several alternatives to prepare for the new competition. Grifinsaid MTR believes Issue 3's passage could result in slots at tracks, with better economic terms than were originally discussed, and is working to have that initiative reintroduced.

Table gaming at Mountaineer generated $11.4 million of revenues compared to $13.2 million in the prior-year period, while revenues from slots decreased by $3.7 million. The decrease in revenue is primarily attributable to competitive pressures and weak economic conditions, Griffin said.

Net revenues at Presque Isle Downs & Casino in Erie, Pa., decreased 5% to $49.2 million during the third quarter of 2009 compared to the same period of 2008.

Published by The Business Journal, Youngstown, Ohio