MTR Gaming (MNTG) has entered into a new credit agreement worth $20 million, half of which it drew Friday.
The company said the agreement for the senior secured, delayed-draw term loan credit facility is with Aladdin Credit Advisors LP as administrative agent.
The West Virginia-based gambling company said the purpose of the money is to pay for ongoing expenses and new developments like gaming operations at Presque Isle Downs in Erie, Pa.
Companies that run casinos and horse racing tracks have been hit hard during the recession because people are less eager to part with their money. At the same time, MTR has spent a lot of money on lobbying efforts in places like Ohio, where voters last fall approved casinos in four cities.
The company last week reported a fourth-quarter loss of $24.2 million, nearly six times the $4.5 million loss it reported for the same period in 2008.
The new credit facility will mature on March 18, 2013. It replaces the currently credit facility, which is underdrawn and would have matured on March 31.
MTR owns and operates Mountaineer Casino, Racetrack & Resort in Chester; Presque Isle Downs & Casino in Erie, Pa.; and Scioto Downs in Columbus, Ohio.
Shares of MTR Gaming Group Inc. fell 4 cents to $2.01 in afternoon trading Friday.
Less than seven hours after completing the linking of Pai Gow progressive jackpots at gaming tables for all 10 Station Casinos, a Virginia man hit that progressive with a 7-card straight flush that included a joker. He won more than $200,000.
The New York Giants just completed a startling three-game run through the NFC playoff jungle with a 3-0 mark ATS. By contrast, the New England Patriots enjoyed a first-round bye and home playoff wins over underdogs Denver and Baltimore.
Wynn Las Vegas sports book director Johnny Avello tried to hang on with the Patriots -3 as long as he could, but finally had to give in on Thursday morning when the culmination of Giants money over the first 11 days of action became too much.
From the time we knew who would be playing in the Super Bowl, I’ve always had a lean on the Patriots to win. As great as the Giants have been on their march to the Super Bowl, I still can’t get their bad losses out of my head.
Being in Las Vegas, it’s easy to forget just how many people are betting the Super Bowl "illegally" around the nation. A survey released Tuesday found that at least 25 million Americans will bet money on this Sunday’s Patriots-Giants NFL title game.
