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MTR Gaming Revenue Up

Performance of New Hotel

Since the Company opened a new 258-room upscale hotel at its Mountaineer Race Track & Gaming Resort on May 1, 2002, overall occupancy and average daily revenue have been steadily increasing. Individual patrons and groups are becoming increasingly familiar with the new hotel and additional amenities, including the Spa, which opened in its new location in the hotel on August 3, 2002.

Mountaineer Race Track & Gaming Resort
Average Occupancy and Average Daily Revenue (ADR) Since Opening of
New Hotel (unaudited)
----------------------------------------------------------------------

                                      May     June     July     August
Occupancy (1):
                           Weekday    48%      48%      64%       72%
                           Weekend    69%      88%      97%       91%
                     Month overall    54%      62%      73%       79%

ADR:
                With complimentary
                    occupied rooms    $78      $77      $79       $84
             Without complimentary
                    occupied rooms    $85      $90      $87       $93

Record August Gaming Revenues

Total gaming revenues at Mountaineer in August were a record $22.7 million, up 22.4% from the same period last year. Additionally, on Saturday and Sunday of Labor Day weekend the Company posted two consecutive days with more than $1 million in gaming revenues at Mountaineer.

Proposed Erie Racetrack

MTR has been advised that it is on the agenda for the September 26th meeting of the Pennsylvania State Horse Racing Commission, at which time it is expected a decision will be made on the Company's application for a license to build and operate a racetrack in Erie, Pennsylvania.

Stock Repurchase Plan

Since announcing a $3 million stock repurchase program on August 8, 2002, MTR has purchased 270,000 shares of the Company's Common Stock. The transactions were made in the open market at prevailing market prices pursuant to SEC Rule 10b-18 for a total of $2,241,604.

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