For the quarter, MTR reported net revenue of $119.5 million, a little more than $10 million less than the $130.8 million posted in 2008’s third quarter. EBITDA from continuing operations was $17.2 million, down 24 percent from a year ago, but the numbers include severance charges and lobbying costs of nearly $4 million for the past three months.

Corporate operating costs, excluding the $3.7 million spent on lobbying prior to Ohio’s casino vote, decreased 35 percent to $2.2 million, a reduction credited to ongoing cost containment efforts.

Meanwhile, MTR’s flagship property, Mountaineer Casino, Racetrack & Resort in Chester, saw its revenue fall 11 percent to $68.9 million for the quarter. Table gaming revenue was down about $2 million for the quarter, $11.4 million this year, compared to $13.2 million in the third quarter 2008. Slots revenue was down $3.7 million from a year ago.

The company blamed the revenue dip at Mountaineer on “competitive pressures and weak economic conditions.”

Revenue from MTR’s Pennsylvania property, Presque Isle Downs & Casino, was down 5 percent, falling to $49.2 million for the third quarter.

“We remain focused on increasing revenue and maximizing profits at our current operations, and we believe the advent of free play at Mountaineer is having a positive effect,” said Robert Griffin, president and chief executive officer of MTR Gaming Group. “Looking into next year, we hope that Ohio voters will approve the referendum allowing for video lottery terminals at racetracks.”

Looming on the MTR horizon, however, was Ohio’s decision earlier this week to allow casino gaming, a move that could have huge implications for Mountaineer and Presque Isle Downs.

“The voters of Ohio approved Issue 3 yesterday, which will increase the competition in our regional markets starting around 2013,” Griffin said Nov. 5. “We are considering several different alternatives in order to proactively prepare for the new competition.

"Although this may appear to be a negative, we believe that it may result in slots at tracks, as the Governor has proposed, with better economic terms than were originally discussed," he continued. "To that end we are working diligently to have this initiative reintroduced in the state. In terms of our current operations, we are delighted with the results we have seen thus far at Mountaineer since adding free play on September 1, which has enhanced its competitive position in the Ohio Valley.”