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.
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