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West Virginia Resort to Expand
MTR Gaming Group is in the process of expanding its Mountaineer Racetrack & Gaming Resort in Chester, West Virginia. In late 2001, the company launched a multi-phased project that will upgrade the resort into a full-service destination resort. The new facilities will result in hundreds of jobs for West Virginians.
The resort generated over $195 million in revenues over a 12-month period in 2001, resulting in $16.9 million in profits and over $53 million in taxes for the state. MTR Gaming Group expects those numbers to significantly increase with the new facilities. A $25-million, 260-unit hotel complex will augment the current inn, which was built in the 1920s. Slated to open in May 2002, the hotel complex includes a restaurant, coffee and ice cream shop, a 120-seat lounge, indoor pool and courtyard, and gift and jewelry shops. This phase two element will result in 713 part- and full-time jobs. Hiring began in mid-February 2002.
The resort along the Ohio River already contains a thoroughbred racetrack – with off-track betting and export simulcasting, 2,347 video lottery terminals, the original 101-room hotel, a spa and fitness center, a theater and events center, and convention facility. The final two phases of the project include a championship-caliber golf course and a riverwalk shopping mall. There was no timeline announced for the golf course, but more than likely it will proceed within the next three years.
Ted Arneault, president and CEO of MTR Gaming Group, has also mentioned the possibility of the company building a small NASCAR track at the resort, which spans 300 acres.
MTR Gaming Group, Inc. also owns and operates the Ramada Inn and Speedway Casino in North Las Vegas and the Ramada Inn in Reno. Because of its successful Mountaineer Resort, the company, listed as MNTG on the stock market ticker, was named the seventh Best Small Company in America by Forbes Magazine in 2001. Mountaineer Racetrack & Gaming Resort was also listed as the 47th fastest growing company in America by Fortune Magazine in 2001, as well as one of 100 “Hot Growth Companies in America” by Businessweek.