This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

MTR Gaming Group Reports Third Quarter 2012 Results

Stocks in this article: MNTG

MTR Gaming Group, Inc. (NasdaqGS: MNTG) today announced financial results for the third quarter and nine months ended September 30, 2012.

Third Quarter 2012 Highlights

  • Expansion of the video lottery terminal (“VLT”) gaming facility at Scioto Downs to 2,116 VLTs, as well as the opening of our 300-seat Grove Buffet and a sports bar.
  • Net revenue growth of 26.8%, including revenue of $41.7 million for the first full quarter of operations at Scioto Downs.
  • Adjusted EBITDA from continuing operations for the third quarter of 2012 was $31.4 million, an increase of 34.8% from the prior-year period.

“We were pleased with our third quarter performance, as the first full quarter of operations at the new Scioto Downs generated strong revenue and adjusted EBITDA,” said Jeffrey J. Dahl, President and Chief Executive Officer of MTR Gaming Group, Inc. “With the addition of Scioto Downs, we now have three strong regional gaming facilities that produced record quarterly revenues and adjusted EBITDA of $147 million and $31.4 million, respectively. We achieved this milestone with the addition of Scioto Downs and despite the addition of competition in the Cleveland market. While we understand there are additional gaming choices in our markets, we are confident that our efforts to provide the best gaming and entertainment value to our customers will help us retain our fair share of the market.”

For the third quarter of 2012, the Company’s total net revenues were $146.7 million, an increase of 26.8% compared to $115.6 million in the same period of 2011. Adjusted EBITDA from continuing operations in the third quarter of 2012 was $31.4 million, an increase of 34.8% from the prior-year period, and adjusted EBITDA margin from continuing operations was 21.4%, an increase of 130 basis points from the prior-year period.

1 of 6

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!


DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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