MTR Gaming posts $4.5M net loss in 4th quarter

Mar 13, 2009 12:19 AM
Staff & Wire Reports |

MTR Gaming Group Inc. is reporting a fourth-quarter loss of $4.5 million, ending a year that saw three properties discontinued and hundreds of workers laid off.

The loss translates to 17 cents per share, compared with a loss of $8.5 million, or 31 cents per share in the same period of 2007.

President and Chief Executive Officer Bob Griffin says he's pleased with MTR's continuing progress toward becoming a disciplined operation.

MTR cut its debt by $54 million, closed Jackson Harness Raceway in Michigan, slashed its work force more than 20 percent and eliminated $15 million in recurring expenses. Griffin says more than $11 million of that came from salaries.

MTR also owns Presque Isle Downs & Casino in Erie, Pa., and has interests in Minnesota and Ohio.

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