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MTR Gaming Group in the Red
CHESTER, WV --
MTR Gaming Group (NASDAQ: MNTG) reported disappointing 4th quarter 2007 earnings late this afternoon. The company said increased spending on new casinos and gaming projects weighed heavily on the bottom-line. The company could not make enough money to offset the new expenses.
According to the report, the company lost $8.5 million, or 30 cents per share, compared with profit of $518,000, or 2 cents per share, in the fourth quarter of the previous year.
Wall Street analysts had predicted MTR Gaming would lose approximately 5 cents per share, almost 6 times less than the actual figures.
Total sales increased 39% driven by casino gambling, entertainment, restaurants, and hotels. Despite the increase, analysts had expected the company to bring-in far more revenue.
MTR Gaming Group owns and operates several casino resort destinations across the United States. The company has been making headlines recently as union workers at their notable Mountaineer Casino in Chester, WV went on strike over a contract dispute. Just today, the union announced it had reached a tentative deal with the casino on a new 3-year contract.
Shares of MTR Gaming Group last traded at $6.96 today on NASDAQ.
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