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Originally published Tuesday, May 11, 2010 at 9:12 AM

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MTR Gaming shares slump after 1Q loss

Shares of MTR Gaming slid Tuesday after the company reported a first-quarter loss and shrinking revenue.

The Associated Press

CHESTER, W Va. —

Shares of MTR Gaming slid Tuesday after the company reported a first-quarter loss and shrinking revenue.

The company blamed its slump on a challenging environment in the gambling industry and severe weather during the quarter.

The casino and race track operator's stock fell 14 cents, or 6.5 percent, to $2.02 in midday trading.

After the closing bell Monday, MTR Gaming Group Inc. posted a net loss of $3.3 million, or 12 cents per share, compared with a profit of $752,000, or 3 cents per share, a year ago.

Excluding discontinued operations, the loss came to 11 cents per share.

Morgan Joseph analyst Justin Sebastiano he was expecting a smaller loss on that basis of 9 cents per share. He kept a "Hold" rating on the stock, saying the shortfall was caused mainly by higher-than-expected interest expense on the company's debt.

MTR said the most recent results included $3.3 million in interest expense tied to $260 million in bonds issued last year.

Revenue fell 9 percent to $99.4 million.

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