First quarter net revenues increased up to 26% since 2007. Also the EBITDA increased up to 24% comparing to the first quarter of last year. The increases were due, for the most part, to the inclusion of Presque Isle for the first quarter in this year. The company had also a net loss this year, because of discontinued operations.The Mountaineer Casino, Racetrack & Resort increased 11% comparing to the 2007. Primer reasons for that is the introduction of poker and table gaming in the 4th quarter of last year. Slots of Mountaineer's decreased the incomes due to the continuing impact on the market.
Presque Isle Downs made up $ 38 million in the first quarter of this year.
MTR completed its sale of Binion's Gambling Hall & Hall in Las Vegas in March this year. The result was about $ 28, 5 million. Besides, MTR sold the Speedway CasinoÂ’s real property to Ganaste. This also happened in the first quarter of 2008 and it seems that the company gained on the sale about $ 2, 8 million. Other transaction has been made such as the sale of the gaming assets to Lucky Lucy D, LLC. This subject has to be approved by the Nevada Gaming Commission and the City of North Las Vegas and the transaction will hopefully be closed next month.
The president and CEO of MTR Gaming Group, Edson Arneault, affirmed to be very glad about the, this year's incomes. He also said that a good part of the incomes come from table games at Mountaineer and he is convinced that these will continue to increase. Furthermore, there were incomes in the first quarter of this year, coming from food, beverages and lodging due to the opening of the table games at Mountaineer. Also the Presque Isle is going very well and the MTR Gaming Group hopes it will keep on getting always better. Arneault claimed as well that the company is exited to open a 50 table card room, with casino card games and poker in July this year.
