MTR Gaming Group, Inc. (NasdaqGS: MNTG) today announced financial results for the fourth quarter and full year ended December 31, 2011.
Fourth Quarter 2011 Highlights and Subsequent Events
- Net revenue growth of 9.3%, including net revenue growth of 15.2% for Mountaineer Casino, Racetrack & Resort
- Record Adjusted EBITDA from continuing operations of $20.0 million
- Adjusted EBITDA margin of 19.3%, a 110 basis point increase from the prior-year quarter
- In January 2012, Scioto Downs Casino & Racetrack received its conditional gaming license to install and operate video lottery terminals, and construction is progressing on schedule at the facility
“We are pleased with our fourth quarter 2011 results, which saw a considerable increase in revenue, record Adjusted EBITDA and improved Adjusted EBITDA margin, which was the result of our focus on targeted marketing programs at our facilities, optimizing our cost structure, improving economic conditions in the region and favorable weather in the latter part of the fourth quarter,” said Jeffrey J. Dahl, President and Chief Executive Officer of MTR Gaming Group, Inc. “Looking forward into 2012, we have already received our conditional license to install and operate video lottery terminals (“VLTs”) at our Scioto Downs Casino & Racetrack and are pleased to note that construction is proceeding on schedule for an anticipated second quarter 2012 opening. Once completed, we believe the casino will have a significant beneficial impact on the Columbus, Ohio area in terms of entertainment, job opportunities and economic growth, as well as provide long-term value for our stockholders.”
For the fourth quarter of 2011, the Company’s total net revenues were $103.6 million, an increase of 9.3% compared to $94.8 million in the same period of 2010. Adjusted EBITDA from continuing operations was $20.0 million, up 15.9% compared to $17.2 million in the fourth quarter of 2010. The fourth quarter 2011 Adjusted EBITDA margin was 19.3% compared to 18.2% in the prior-year quarter.