This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

MTR Gaming Group Reports Second Quarter 2011 Results

MTR Gaming Group, Inc. (NasdaqGS: MNTG) today announced financial results for the second quarter and six months ended June 30, 2011. See attached tables, including reconciliation of income (loss) from continuing operations and income (loss) from discontinued operations, GAAP financial measures, to Adjusted EBITDA, as well as the calculation of Adjusted EBITDA margin, non-GAAP financial measures.

For the second quarter of 2011, the Company’s total net revenues were $110.5 million, a decline of 1% compared to $111.6 million in the same period of 2010. Adjusted EBITDA from continuing operations was $23.1 million, an increase of 16% compared to $20.0 million in the second quarter of 2010. The Adjusted EBITDA margin was 20.9% compared to 17.9% in the prior-year quarter. Included in Adjusted EBITDA was $1.8 million received by Mountaineer Casino, Racetrack and Resort from a mineral rights lease bonus payment in the second quarter of 2011 and $1.0 million of project-opening costs related to the implementation of table games at Presque Isle Downs & Casino in the second quarter of 2010.

The Company reported net income of $2.3 million for the quarter, or $0.08 per diluted share, compared to a net loss of $0.5 million, or $0.02 per diluted share, in the same quarter last year.

Net revenues at Presque Isle Downs & Casino increased 7% to $52.1 million during the second quarter of 2011 compared to $48.6 million during the second quarter of 2010. Net revenues for the second quarter of 2011 included $5.2 million in revenue from table games, which were implemented in July 2010; however, slot revenue declined by $1.6 million compared to the same quarter of 2010. The property generated Adjusted EBITDA of $12.2 million compared to $9.0 million in the same quarter of 2010, with the Adjusted EBITDA margin increasing to 23.3% compared to 18.5% in the prior-year period. Excluding $1.0 million in project-opening costs related to the implementation of table games, the Adjusted EBITDA margin for the second quarter of 2010 would have been 20.6%.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,116.39 -86.98 -0.48%
S&P 500 2,099.15 -8.63 -0.41%
NASDAQ 4,970.2590 -9.6420 -0.19%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs