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MTR Gaming Shows Loss in Profits

In a recent financial report release, MTR Gaming, the online slots and B&M slots giant, announced that they had lost roughly $2.8 million over their third quarter. The company reports that it was the cost of the Erie County casino’s construction that caused them to lose as much as they did.

The company reports that the building of the Presque Isle Downs and Casino drained their resources dramatically, and that is why they had such a large loss. They also lost money at the slots, which did not help their bottom line.

The company also owns Mountaineer Race Track and Gaming Center, which did not perform as well as they had hoped. Presque Isle Downs brought in $46.7 million which is a substantial amount, but with the construction, the company says it was responsible for the loss. They also had interest expenses of $5.1 million during their third quarter, and it was hard to come back from.

However, the company expects to rebound, and is forecasting a 20-25% increase next year. They say that they won’t have the same expenses that they did this year, and they will have a full racing season as well – instead of the 25 days they only got this year.

Combine the additional expenses that they had this year, along with the decline in slots revenue, and the company was attempting to dig itself out of a hole. However, they expect their slots revenue to be back on track tomorrow, and they will have adjusted for the decline in slots revenue from those players that are now going to Pennsylvania.

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