MTR Gaming Group Names Thomas Brosig and LC Greenwood as Directors; Robert Ruben Steps Down Producing Majority Independent Board of Directors.

Business Editors

CHESTER, W. Va.--(BUSINESS WIRE)--Dec. 3, 2002

MTR Gaming Group, Inc. (Nasdaq National Market:MNTG) today announced that Thomas J. Brosig and LC Greenwood have joined its Board of Directors.

Robert L. Ruben, who has served on MTR's Board since 1995, has stepped down resulting in a Board with six members, the majority of whom are outside, independent directors.

Thomas J. Brosig, age 53, brings significant gaming and financial experience to MTR's Board. In 1990, Mr. Brosig co-founded Grand Casinos, Inc., and during his tenure there served in numerous executive positions including CFO, COO and CEO. Grand Casinos was recognized as one of the most rapidly growing emerging gaming market operators and ultimately merged with Park Place Entertainment in January 1999. Subsequent to the merger, Mr. Brosig became President, mid-south region of Park Place Entertainment and in January 2001, was promoted to Senior Vice President, Administration of the corporation. In June 2001, he retired from full-time employment, remaining with Park Place as a Senior Vice President responsible for the development of the company's Indian-owned resort project in New York. In March 2002, Mr. Brosig retired from active employment with Park Place. Earlier in his career, Mr. Brosig held senior executive positions at Channel Home Centers, a division of W.R. Grace and Co. (NYSE:GRA), Berman's "The Leather Experts," TJ Associates Business Consulting Services and G-III Apparel Group, Ltd. (Nasdaq NM:GIII), the nation's largest manufacturer of ladies leather apparel.

Brosig is a member of the Board of Directors of Famous Dave's of America, Inc. (Nasdaq NM:DAVE), G-III Apparel Group Ltd. (Nasdaq NM:GIII), and Wilsons The Leather Experts, Inc. (Nasdaq NM:WLSN). He is the Founder and Chairman of Center Circle (ASC, Inc. of Mississippi), a foundation for the development of alternative education programs for children in need of supervision. Brosig also serves as Chairman of the National Advisory Board on Youth Gambling Issues at Harvard University. Additionally, he was a member of the United Way of South Mississippi's Leadership Board, the Fordham University School of Business Administration's Advisory Board, and the University of Mississippi's College of Business Administration's Business Advisory Council. Brosig graduated Summa Cum Laude with a Bachelor of Science Degree in Accounting from Fordham University.

LC Greenwood, age 56, brings to MTR a wealth of experience, relationships and notoriety in Pittsburgh, PA. Greenwood played defensive end for the World Champion Pittsburgh Steelers for 13 years, during which time he played in and won four Super Bowls. He was also named a member of every All Pro Team during the 1970s. In addition to his athletic success, Greenwood is also accomplished in business, serving as President of Greenwood Enterprises, a coal and natural gas marketing company, President of Greenwood/McDonald Supply Co., an electrical supply company, and President of Greenwood Manufacturing Co., a manufacturer and distributor of packing products. Additionally, Greenwood worked on the Miller Lite advertising campaign for ten years, doing commercials and promotions. Greenwood has been granted many awards over the years, including an Outstanding Achievement Award in Canton, MS, Keys to the States of Mississippi and West Virginia, and election to the Arkansas and Mississippi Halls of Fame, among other awards. He received his Bachelor of Science in Vocational Education after enrolling on academic athletic scholarship at Arkansas AM&N. He is also a Life Member of the N.A.A.C.P. and member of AFTRA-American Federation of Theater and Radio.

Brosig has joined the Board's Audit Committee, while Greenwood has joined the Compensation Committee. Robert A. Blatt, a Director since 1995, has resigned as a member of the Compensation Committee but remains on the Board.

Edson R. (Ted) Arneault, President and CEO of MTR Gaming Group, commented, "On behalf of my fellow directors, I would like to welcome Tom and LC, each of whom brings different perspectives to our Board and has outstanding credentials and records of accomplishment."

Mr. Arneault continued, "Tom's gaming and financial knowledge make him an excellent addition. His background and experience with large gaming operations, public companies and mergers/acquisitions will be valuable during this key stage of MTR's development. LC's name is synonymous with Pittsburgh, and we believe he will be a great asset as we further penetrate the Pittsburgh market for Mountaineer as well as our entrance into Erie with Presque Isle Downs. Additionally, having worked for ten years on the Miller Lite campaign, one of the most successful promotional programs, LC's input on MTR's marketing plan will be extremely beneficial."

Mr. Arneault concluded, "On behalf of the Board, I want to thank Rob for his major contributions as both a legal advisor and Board member since 1995, helping the Company grow from $15 million in sales in 1995 to over $200 million in the first nine months this year. We look forward to his continuing contributions as a legal advisor to MTR. The Board and I also look forward to a rewarding relationship with Tom and LC. We believe MTR's well-rounded, majority independent Board will play an important role in the continued development of the Company."

About MTR Gaming Group

MTR Gaming Group, Inc. owns and operates the Mountaineer Race Track & Gaming Resort in Chester, West Virginia, which currently encompasses a thoroughbred racetrack with off-track betting and export simulcasting, 3,000 slot machines, 359 hotel rooms, golf course, spa & fitness center, theater and events center, convention center and fine dining and entertainment. The Company also operates the Ramada Inn and Speedway Casino in North Las Vegas, and a hotel in Reno, Nevada and recently obtained a license to build a new thoroughbred racetrack with parimutuel wagering in Erie, Pennsylvania. Named to Forbes' Best 200 Small Companies List (No. 38), Business Week's Top 100 Hot Growth Companies List (No. 49), and Fortune's 100 Fastest Growing Companies List (No. 48), MTR is included on the Russell 2000(R) and Russell(R) 3000 Indexes. For more information, please visit www.mtrgaming.com.

Except for historical information, this press release contains forward-looking statements concerning, among other things, future plans and operating results. Such statements are based on the Company's current plans and expectations. Such statements are subject to a number of risks and uncertainties that could cause the statements made to be incorrect and/or for actual results to differ materially. Those risks and uncertainties include but are not limited to weather conditions or road conditions impeding access to Mountaineer, adverse changes in West Virginia video lottery laws or the rates of taxation of video lottery operations, costs and risks attending construction and expansion of operations both at Mountaineer and with respect to the Company's planned racetrack in Erie, Pennsylvania, market acceptance of the Company's new hotel and related amenities at Mountaineer, which involve higher price points than the Company's prior offerings, legalization of new forms of gaming in the Company's target markets, which would lead to increased competition, competition, general economic conditions affecting the resort business, dependence upon key personnel and the ability to attract new personnel, timely delivery and installation of slot machines, conversion of slot machines to higher bet limits, which is dependent upon vendors over whom the Company has no control, successful cross-marketing of Presque Isle Downs with Mountaineer, changes in the number of diluted shares, leverage and debt service, expiration or non-renewal of gaming licenses, market acceptance of the Company's North Las Vegas property, successful divestiture of the Company's Reno property, and other factors described in the Company's periodic reports filed with the Securities and Exchange Commission. The Company does not intend to update publicly any forward-looking statements, except as may be required by law.