Erie, PA, December 21, 2011 --(PR.com
)-- MTR Gaming Group, Inc. (NasdaqGS: MNTG) announced today that it has officially submitted its application with the Ohio Lottery Commission for a license to operate video lottery terminals ("VLTs") at its Scioto Downs racetrack.
The filing is the next step in MTR Gaming's development of the Scioto Downs project and establishing a true beneficial impact to the Columbus, Ohio area. With the addition of VLTs to Scioto Downs, MTR Gaming will be providing a popular entertainment alternative as well as creating significant job opportunities and economic growth.
Upon reviewing the Ohio Attorney General's response to the lawsuit filed against several Ohio governmental bodies, which seeks to prevent the casinos and VLT operators from proceeding, the Company is very comfortable continuing the process of building and opening its new gaming facility at Scioto Downs in Columbus. The Company continues to believe the facility will open in the second quarter of 2012.
According to Ohio Attorney General Michael DeWine, the plaintiffs for the current lawsuit against the casinos and VLT operators have "…not established any direct interest or injury sufficient to establish standing, so this lawsuit should be dismissed in its entirety." Additionally, Attorney General DeWine's Motion to Dismiss provides that the plaintiffs' complaint must be dismissed "…because the video lottery claims misstate Ohio law and fail to state a claim upon which relief may be granted… not only do plaintiffs lack standing to bring this action, but their claims are simply not ripe for judicial review. Moreover, plaintiffs have failed to sufficiently state a claim for which relief can be granted.
"Based on our review of the matter and the Attorney General's independent evaluation as set forth in the motions to dismiss, we are confident that the current lawsuit filed in Ohio to prevent the casinos and VLTs from proceeding is meritless, and as such, we have started the process of obtaining our gaming license with the state," said Jeffrey J. Dahl, President and Chief Executive Officer of MTR Gaming Group, Inc. "We look forward to receiving our license – which we expect to be issued within a reasonable time frame – and developing the Scioto Downs VLT facility, which we believe will drive significant long-term stockholder value and create hundreds of jobs in the Columbus area."
About MTR Gaming Group
MTR Gaming Group, Inc. is a hospitality and gaming company that 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.
Except for historical information, this press release contains forward-looking statements. Such statements are subject to a number of risks and uncertainties that could cause the statements made to be incorrect. Those risks and uncertainties include 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. The cautionary advice in this paragraph is permitted by the Private Securities Litigation Reform Act of 1995.
MTR Gaming Group, Inc.
John W. Bittner, Jr., 724-933-8122
Executive Vice President and Chief Financial Officer