| Chester,
WV � August 2002 � MTR Gaming Group,
Inc. (Nasdaq National Market:MNTG) has been named by Fortune Magazine
as the 48th fastest growing company in the United States. MTR Gaming Group,
Inc. is the parent company of Mountaineer Race Track & Gaming Resort
in Chester and the Speedway Casino in Las Vegas, Nevada.
 This
marks the third year MTR was listed among Fortune's one hundred fastest-growing
companies. In 2001 MTR was cited as the 47th Fastest Growing Company in
America by Fortune Small Business and was cited by Forbes Magazine as seventh
best small company in the United States. In June 2002, MTR was named one
of 100 Hot Growth Companies by BusinessWeek Magazine for the second consecutive
year.
To
get on Fortune's list, compiled by Zach's Investment Research, companies
had to be based in the United States, have been in operation for three
years, have at least $50 million in revenue over the past four quarters
with a minimum market cap of $50 million and annual sales and EPS growth
of at least 25 percent for three straight years. The 2002 listing also
factored in total return to investors.
Companies
were then ranked by growth in revenue, earnings per share and three-year
total stock market return. MTR's earning per share growth was 32 percent,
ranking the company 85th in that category with a net income for the past
four quarters of $16.4 million. The revenue growth of 40 percent ranked
MTR 56th among the top 100 while the total return on a three-year annual
rate of 81 percent ranked MTR 5th among the companies listed. MTR's revenue
for the past four quarters tallied $229.2 million. Referring to this year's
Fortune top 100 companies, the magazine observed, �Overall this year's
growth didn't set any records. But, as the Chinese proverb goes, �Be not
afraid of growing slowly; be afraid of standing still.�
�Being
listed as one of Fortune's 100 Fastest Growing Companies once again is
made even more meaningful by Mountaineer's ability to sustain revenue growth
while evolving into a destination resort in difficult economic times,�
said Ted Arneault, MTR's president & CEO.
�The
positive impact of the spotlight being placed upon MTR by national media
not only bodes well for MTR and its employees, but will have a far-reaching
impact on both the local and state economy,� said Arneault.
Mountaineer
opened a more than $25 million, 258-room hotel complex in May that includes
a spa, jewelry and gift shop, gourmet restaurant, piano bar, coffee shop
and indoor pool.
The
most recent expansion increases the lodging capacity to 359 rooms and brings
added amenities to Mountaineer's destination resort which features thoroughbred
racing, 3,000 slot machines located in �Speakeasy� themed casinos, a wide
range of restaurants, a convention and conference center, concerts, boxing,
golf and fitness center.
About
MTR Gaming Group
MTR
Gaming Group, Inc. owns and operates the Mountaineer Race Track & Gaming
Resort in Chester, West Virginia, which currently encompasses a thoroughbred
racetrack with off-track betting and export simulcasting, 2,500 slot machines
(with regulatory approval to increase that number to 3,000, which the Company
plans to complete by July), 359 hotel rooms, golf course, spa & fitness
center, theater and events center, convention center and fine dining and
entertainment. The Company also operates the Ramada Inn and Speedway Casino
in North Las Vegas, and the Ramada Inn in Reno, Nevada. Named to Forbes'
Best 200 Small Companies List (#7, with feature article) and Business Week's
Top 100 Hot Growth Companies List (#68), MTR is included on the Russell
2000® and Russell® 3000 Indexes. For more information, please visit
www.mtrgaming.com.
Contact:
MTR Gaming Group, Inc.
Edson
R. (Ted) Arneault, President & CEO
(304)
387-8300
www.mtrgaming.com
| Except
for historical information, this press release contains forward-looking
statements concerning, among other things, future plans and operating results,
and specifically the guidance concerning the results for the second quarter
and full year 2002, and the impact of the new hotel and related amenities
on future financial performance. Such statements are based on the Company's
current plans and expectations. 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 weather conditions or road conditions impeding
access to Mountaineer, adverse changes in West Virginia video lottery laws
or the rates of taxation of video lottery operations, costs and risks attending
construction and expansion of operations, market acceptance of the Company's
new hotel and related amenities at Mountaineer, which will involve higher
price points than the Company's prior offerings, legalization of new forms
of gaming in the Company's target markets, which would lead to increased
competition, competition, general economic conditions affecting the resort
business, dependence upon key personnel and the ability to attract new
personnel, timely delivery and installation of slot machines, conversion
of slot machines to higher bet limits, which is dependent upon vendors
over whom the Company has no control, licensing and regulatory approval
of the Company's planned Pennsylvania racetrack and successful cross-marketing
of that property with Mountaineer, changes in the number of diluted shares,
leverage and debt service, expiration or non-renewal of gaming licenses,
market acceptance of the Company's Nevada properties and maintenance of
�grandfathered� status of those properties, 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. |
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