Printer Friendly

EXCALIBUR HOLDING CORP. MOUNTAINEER RACE TRACK & RESORT VIDEO LOTTERY UPDATE

 CHARLESTON, W.Va., Aug. 18 /PRNewswire/ -- The West Virginia Lottery Commission, at its regular meeting on Aug. 16, 1993, approved amended rules and regulations for expansion of video lottery operations to all of West Virginia's pari-mutuel racing facilities. Mountaineer Race Track & Resort, a racetrack operated by Mountaineer Park Inc., a wholly owned subsidiary of Excalibur Holding Corp., currently operates 165 video lottery terminals under a contract with the Lottery Commission.
 Mountaineer has recorded video lottery sales of $1,463,536.00, $1,350,880.50 and $1,670,748.50 for May, June and July of 1993 respectively. The video lottery sales for the same period in 1992 were $1,245,195.25, $1,074,353.25 and $1,168,797.50 respectively. This 29 percent increase over 1992 reflects continued growth in video lottery sales at Mountaineer.
 The video lottery regulations expressly allow up to 400 video lottery terminals at each licensed racetrack, and provide for additional terminals beyond 400 after the initial six months of operation, subject to Lottery Commission review of market conditions and the impact of such additional machines.
 The regulations provide that the Lottery Commission will receive 40 percent of net revenue after payment of all prizes, and that the balance of 60 percent of those net revenues will be retained by the licensed racetrack.
 The rules and regulations approved by the Lottery Commission are subject to review and approval by the West Virginia Legislature at its next regular session, which begins in January 1994.
 -0- 8/18/93 R
 /CONTACT: Michael Dunn of Excalibur Holding Corp., 714-222-2220/


CO: Excalibur Holding Corp.; Mountaineer Race Track & Resort ST: West Virginia IN: CNO SU:

BP-MF -- LA016R -- 4013 08/18/93 15:31 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 18, 1993
Words:286
Previous Article:BIODYNAMICS ANNOUNCES RESULTS OF AUTOTRANSFUSION SYSTEM FIELD TRIALS
Next Article:INTRENET MOVES CORPORATE HEADQUARTERS TO CINCINNATI SUBURB; ADVANCED DISTRIBUTION SYSTEM ALSO MOVES
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters