May 24, 2013 8:23 PM ET

Hotels, Restaurants and Leisure

Company Overview of Presque Isle Downs, Inc.

Company Overview

Presque Isle Downs, Inc. is a casino in Pennsylvania. The company operates a resort facility that features penny and dime slots machines, as well as table games, video poker, and daily poker tournaments. It also includes a clubhouse and lounge that provides casual dining and race track facilities; and hotels, which offer buffet breakfast, lunch, and dinner, as well as other amenities. The company was founded in 1984 and is based in Erie, Pennsylvania. Presque Isle Downs, Inc. operates as a subsidiary of MTR Gaming Group, Inc.

8199 Perry Highway

Erie, PA 16509

United States

Founded in 1984

Phone:

814-860-8999

Fax:

814-860-3390

www.presqueisledowns.com

Key Executives for Presque Isle Downs, Inc.

Vice President
Age: 46
General Manager
Age: 49
Chief Marketing Officer of MTR Gaming Group Inc and Vice President of MTR Gaming Group Inc
Age: 55
Compensation as of Fiscal Year 2012.

Presque Isle Downs, Inc. Key Developments

Presque Isle Downs, Inc. Reports Revenue Results for the Month of October 2012

Presque Isle Downs, Inc. reported revenue results for the month of October 2012. For the month, the company's gross revenue was $10,982,664.37 compared to $14,060,679.60 for the same period a year ago.

Presque Isle Downs, Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012

Presque Isle Downs, Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2012. The company’s net revenues were decreased 13.0% to $47.6 million during the third quarter of 2012 compared to $54.7 million during the third quarter of 2011. The property generated adjusted EBITDA of $8.6 million compared to $12.7 million in the same quarter of 2011 excluding $5.8 million in one-time gaming assessment costs, with the adjusted EBITDA margin decreasing to 18.0% compared to 23.3% in the prior-year period. The decrease in net revenues and adjusted EBITDA for the third quarter of 2012 was primarily attributable to increased competition from a new casino in Cleveland, Ohio. Income from continuing operations was $5.82 million compared to $2.06 million last year. For the nine months, the company reported net revenues of $144.28 million compared to net revenues of $153.64 million for the same period a year ago. Adjusted EBITDA from continuing operations was $29.28 million compared to adjusted EBITDA from continuing operations of $34.83 million last year. Income from continuing operations was $20.34 million compared to $14.94 million last year.

Presque Isle Downs, Inc. Reports Revenue Results for the Month of September 2012

Presque Isle Downs, Inc. reported revenue results for the month of September 2012. For the month, the company's gross revenue was $12,754,824.82 compared to $14,428,968.74 for the same period a year ago.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
October 13, 2012
Presque Isle Downs, Inc., 23 Acres of Lakefront Property
 

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