MTR reports $3.6M loss in revenue in third quarter
CHESTER – MTR Gaming Group Inc. is reporting a third-quarter loss of $3.6 million, or 13 cents per share.
In the same period during 2012, the Chester-based company reported net income of $5.3 million, or 19 cents per share.
The company says the third-quarter statement includes $2.7 million in costs associated with MTR’s strategic initiatives.
President and Chief Executive Officer Joseph L. Billhimer says the company had a 11.5 percent drop in net revenue to $128.9 million during the third quarter compared to the year-ago period.
Third-quarter net revenues fell 13.1 percent to $36.2 million at Scioto Downs Casino & Racetrack near Columbus, Ohio, fell 10.4 percent to $50.6 million at Mountaineer Casino, Racetrack & Resort in Chester, and fell 11.4 percent to $42 million at Presque Isle Downs & Casino near Erie, Pa.