For the third quarter of 2009, MTR’s net revenues of $119.5 million was a decline of nine percent from $130.8 million in the same period in 2008. Year-to-date revenues decreased five percent.

The decrease, according to a company release appearing on businesswire.com, was directly attributable to the “strategic costs” associated with Ohio (the money MTR spent to defeat Ohio Issue 3), as well as increased marketing costs at MTR's West Virginia property, Mountaineer Racetrack, Casino and Resort, in response to increased competition -- primarily from the opening of the Rivers Casino in downtown Pittsburgh, Pa.

The company’s president and CEO, Robert Griffin, also noted Ohio’s approval of casinos in the release.

"The voters of Ohio approved Issue 3 yesterday, which will increase the competition in our regional markets starting around 2013," Griffin said. "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 (Ohio Governor Ted Strickland) has proposed, with better economic terms than were originally discussed.

“To that end we are working diligently to have this initiative reintroduced in the state.”