MTR Gaming Group, Inc. (NasdaqGS: MNTG) today announced financial results for the second quarter and six months ended June 30, 2012.
Second Quarter 2012 Highlights
- The June 1 st opening of the video lottery terminal (“VLT”) gaming facility at Scioto Downs with 1,787 VLTs, which added approximately 700 new jobs in the Columbus area.
- Net revenue growth of 7.8%, including revenue of $12.6 million at Scioto Downs.
- Adjusted EBITDA from continuing operations for the second quarter of 2012 was $23.0 million, an increase of 8.1% from the prior-year period, excluding $2.2 million of project-opening costs in the second quarter of 2012 and $1.8 million received from a mineral rights lease bonus payment in the second quarter of 2011.
“The second quarter was a historic one for MTR Gaming as we opened our new VLT facility at Scioto Downs on June 1 st, and we are encouraged by the initial performance of this first-class property,” said Jeffrey J. Dahl, President and Chief Executive Officer of MTR Gaming Group, Inc. “Overall, we were pleased with our second quarter revenues and adjusted EBITDA results. Additionally, we recently completed the second phase of our expansion at Scioto Downs, which provides for an additional 329 VLTs (which increased the total VLTs to 2,116), a buffet with approximately 300 seats and a sports bar for patrons to enjoy.”
For the second quarter of 2012, the Company’s total net revenues were $119.1 million, an increase of 7.8% compared to $110.5 million in the same period of 2011. Excluding $2.2 million in project-opening costs in the second quarter of 2012 and $1.8 million received from a mineral rights lease bonus payment in the second quarter of 2011, adjusted EBITDA from continuing operations in the second quarter of 2012 was $23.0 million, an increase of 8.1% from the prior-year period, and the adjusted EBITDA from continuing operations margin was 19.3% for both the current and prior-year periods.
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