Consumer Goods
MTR Gaming Posts Small Second-quarter Profit
CHESTER, W.Va. (AP) — Casino operator MTR Gaming Group Inc. reported a second-quarter profit of $352,000, or 1 cent per share, and said Wednesday that cost-containment efforts helped boost pretax earnings by about 10 percent.
The gain for the quarter ended June 30 compares with a loss of $2.3 million, or 8 cents per share, in the same period last year, the company said. The results also reflect the discontinuation of four properties: Running Aces Harness Park in Minnesota; Jackson Harness Raceway in Michigan; and the Ramada Inn and Speedway Casino, and Binion's Gambling Hall & Hotel in Nevada. Net revenues at Mountaineer Casino, Racetrack & Resort in Chester were down 4 percent for the quarter, mainly because of bad economic conditions, said MTR President and CEO Robert Griffin. The Northern Panhandle casino reported $72.2 million in net revenue for the second quarter, compared with $75.4 million in the same period last year. MTR hopes to improve those results by taking advantage of nontaxable promotional credits approved by West Virginia legislators. That program will begin in September, Griffin said.TheStreet Premium Services
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