US horseracing and casino operator MTR Gaming Group has cited the impact of “extremely harsh” winter conditions as the reason behind a year-on-year fall in revenue during the three months through to March 31, 2014.
The company achieved revenue of $114.8 million (€82.5 million) during the first quarter of 2014, a drop of 6.4% on the $122.7 million recorded in the corresponding period last year.
Adjusted earnings before interest, tax, depreciation and amortisation also fell by 17.9% to $20.5 million while adjusted EBITDA margin dropped 240 basis points to 17.9%.
MTR Gaming also saw net loss increase significantly from a negative of $786,000 in Q1 of 2013 to a loss of $6.2 million in the most recent quarter.
Joseph Billmer, president and chief operating officer of MTR Gaming, said that despite the negative results, he is confident the firm can recover as weather the weather improves.
“Our first-quarter results were impacted primarily by the extremely harsh winter across the region, as well as the ongoing competitive environment,” Billhimer said.
“With the difficult weather now behind us, we remain focused on our strategy of providing first-class service and facilities to our customers while effectively managing our overall expense structure.”
source : www.igamingbusiness.com
