MTR Gaming Group, Inc. (NasdaqGS: MNTG) (the “Company”) today announced that it is extending the consent time for its previously announced Tender Offers and Consent Solicitations (as defined below) from 5:00 p.m., New York City time, on Tuesday, July 26, 2011 to 5:00 p.m., New York City time, on Thursday, July 28, 2011 (the “Consent Date”). The Tender Offers are scheduled to expire at 11:59 p.m., New York City time, on August 3, 2011, unless extended or earlier terminated by the Company (the “Expiration Date”). As previously announced, on July 7, 2011, the Company commenced cash tender offers and consent solicitations for any and all of outstanding (i) 9% Senior Subordinated Notes due 2012 (the “2012 Notes”) issued by the Company (the “2012 Notes Tender Offer and Consent Solicitation”) and (ii) 12.625% Senior Secured Notes due 2014 (the “2014 Notes,” and together with the 2012 Notes, the “Notes”) issued by the Company (the “2014 Notes Tender Offer and Consent Solicitation” and together with the 2014 Notes Tender Offer and Consent Solicitation, the “Tender Offers and Consent Solicitations”). The Company’s obligation to accept for purchase, and to pay for, Notes and consents validly tendered and not validly withdrawn pursuant to the Tender Offers and Consent Solicitations is conditioned upon the satisfaction or waiver of certain conditions including: (i) a majority in aggregate outstanding principal amount of the 2012 Notes shall have been validly tendered (and not revoked) and consents with respect thereto shall have been validly delivered (and not withdrawn) pursuant to the 2012 Notes Tender Offer and Consent Solicitation, (ii) 66 2/3% in aggregate outstanding principal amount of the 2014 Notes shall have been validly tendered (and not revoked) and consents with respect thereto shall have been validly delivered (and not withdrawn) pursuant to the 2014 Notes Tender Offer and Consent Solicitation, and (iii) the Company shall have obtained gross proceeds from the proposed issuance of debt securities by the Company of not less than $500,000,000, on terms and conditions satisfactory to the Company. The terms of the Tender Offers and Consent Solicitations are described in the Company’s Offer to Purchase and Consent Solicitation Statement dated July 7, 2011 (the “Offer to Purchase”).
The Company has engaged J.P. Morgan Securities LLC to act as dealer manager and solicitation agent in connection with the Tender Offers. Questions regarding the Tender Offers may be directed to J.P. Morgan Securities LLC, at (212) 270-3994 (collect), (800) 245-8812 (US toll-free). Requests for documentation may be directed to MacKenzie Partners, Inc., at (800) 322-2885 (US toll-free) or (212) 929-5500 (collect).This press release is for informational purposes only and is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consent with respect to any securities. The Tender Offers are being made solely pursuant to the Offer to Purchase and the related Letter of Transmittal and Consent, which sets forth the complete terms of the Tender Offers. About MTR Gaming Group MTR Gaming Group, Inc., through subsidiaries, owns and operates Mountaineer Casino, Racetrack & Resort in Chester, West Virginia; Presque Isle Downs & Casino in Erie, Pennsylvania; and Scioto Downs in Columbus, Ohio. For more information, please visit www.mtrgaming.com. This press release contains certain forward-looking statements with respect to the Tender Offers and Consent Solicitations. Such statements are subject to a number of risks and uncertainties that could cause the statements made to be incorrect and/or for actual results to differ materially. Those risks and uncertainties include, but are not limited to, the satisfaction of certain conditions as described herein, financial market risks, general economic conditions, regulatory matters, our ability to refinance our indebtedness and other factors described in the Company’s periodic reports filed with the Securities and Exchange Commission. The Company does not intend to update publicly any forward-looking statements, except as may be required by law.