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MTR Gaming Group Sells Reno Property

The total consideration of $2,950,000, which covers land, improvements and furniture, fixtures and equipment (exclusive of gaming equipment), approximates the current carrying value of the assets on the Company's balance sheet. The agreement calls for a down payment of $787,500, and the balance in the form of a seven-year promissory note, secured by a first mortgage on the property and guaranteed by the purchaser's principals.

Due diligence has been completed by the buyer and the closing is scheduled to take place within 15 days, subject to customary conditions.

MTR estimates that the sale of the Reno property will have an annual positive impact of approximately $1.2 million on the Company's EBITDA.

MTR Gaming Group, Inc. owns and operates the Mountaineer Race Track & Gaming Resort in Chester, West Virginia, which currently encompasses a thoroughbred racetrack with off-track betting and export simulcasting, 3,000 slot machines, 359 hotel rooms, golf course, spa & fitness center, theater and events center, convention center and fine dining and entertainment. The Company also operates the Ramada Inn and Speedway Casino in North Las Vegas.

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