Mountaineer posts fourth-quarter loss
The Mountaineer Casino, Racetrack and Resort continued to see gambling declines in the fourth quarter, according to the latest financial report filed by parent company MTR Gaming Group, Inc.
The Chester casino saw net revenue decline 15.8 percent to $47 million in the fourth quarter of last year, compared to $55.8 million in revenue during the same period a year before.
Revenue from slots decreased by $5.5 million from the year before, and table game revenue declined $2.1 million.
Mountaineer saw earnings before interest, taxes, depreciation and amortization decline to $7.2 million from $11.7 million in the fourth quarter of 2011, and earnings margins decreased to 15.3 percent from 21 percent the year before.
"The decrease in gaming revenues and adjusted EBITDA for the fourth quarter of 2012 was primarily attributable to increased competition from Ohio," the company said in its earnings release.
While Mountaineer lagged, MTR's other facilities — Scioto Downs in Columbus, Ohio, and Presque Isle Downs & Casino in Erie, Penn. — buoyed the company's results.
MTR reported overall net revenue growth of 12.2 percent in the fourth quarter with adjusted earnings of $21.2 million, an increase of 6.2 percent from the fourth quarter of 2011.