NASDAQ: MNTG

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• NASDAQ MNTG
• A Leading Developer and Operator of Gaming
  Properties in Evolving Middle Markets

SIDOTI COMPANY 5TH ANNUAL PALM BEACH
CONFERENCE January 22, 2008
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In addition to historical facts or statements of
current condition, this presentation contains
forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Some of these
statements are those regarding our prospects for
future growth. These statements are subject to a
number of risks and uncertainties that could
cause the statements made to be incorrect and the
actual results to differ materially. The Company
describes certain of these risks and
uncertainties in its filings with the Securities
and Exchange Commission, including its Annual
Report on Form 10-K for the fiscal year ended
December 31, 2006. Some of these risks include
those relating to regulatory approvals,
availability of financing sources, development
and construction activities, costs and delays,
weather, permits, competition and business
conditions in the gaming industry. Furthermore,
the Company does not intend to update publicly
any forward-looking statements, except as may be
required by law. The cautionary advice in this
paragraph is permitted by the Private Securities
Litigation Reform Act of 1995.
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COMPANY OVERVIEW

• Diversified gaming operator with primary focus on
  middle-market properties
• Currently operate in WV, PA, OH, MI and NV
• Total slots 5,608
• Table games 56
• Poker tables 39
• Hotel rooms 454
• Restaurants 22
• Employees 3,300
• Instrumental in securing favorable new gaming
  legislation in states in which MTR operates,
  including table games in WV
• Fiscal 06 net revenues of 372.8 mm and EBITDA
  of 48.6 mm first nine months of 07 net
  revenues of 373.2 mm and EBITDA of 43.8 mm
• 2008 CapEx spending is estimated at less than 25
  mm, absent customer demand for a significant
  project (e.g. parking garage or hotel expansion
  at Mountaineer).

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INVESTMENT HIGHLIGHTS

• Proven ability to successfully develop and
  operate middle-market gaming properties
• Key growth drivers new properties, expanded
  gaming and the potential for additional expanded
  gaming
• Presque Isle Downs Casino Erie, PA
• Casino opened 2/28/07 with 2,000 slots
• Pari-mutuel wagering commenced on July 27, 2007
• A state-of the art thoroughbred racetrack opened
  9/01/07
• Mountaineer opened 37 poker tables on October
  19, 2007 and approximately 50 table games on
  December 20, 2007
• Construction of harness track and card room in MN
  (50 ownership) harness track expected to open
  in mid-Q208 and card room expected to open in
  Q308
• Potential for gaming legislation authorizing
  slots in Michigan, Ohio and Minnesota

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STRATEGIC LOCATIONS
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MOUNTAINEER CASINO, RACETRACK RESORT CHESTER,
WV
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MOUNTAINEER CASINO, RACETRACK RESORT CHESTER,
WV

• History
• Current management assumed responsibility for the
  property in 1995
• Instrumental in legalization of slots in WV
  (1994) and in legalization of table games in WV
  (2007)
• Gradually built-up the property, added resort
  amenities and increased the number and types of
  slots

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MOUNTAINEER CASINO, RACETRACK RESORT CHESTER,
WV

• Now
• Destination hotel, convention and resort facility
  
• 3,220 slots (approximately 90
  ticket-in-ticket-out) 37 poker tables opened on
  October 19, 2007, and approximately 50 table
  games opened on December 20, 2007
• Thoroughbred horse racing simulcasting
• Sole WV racetrack authorized to position slots
  away from the track
• 2006 net revenues of 292.3 mm and EBITDA of
  67.7 mm first nine months of 07 net revenues
  of 201.5 mm and EBITDA of 38.5 mm
• 2006 ADR was 71.22 occupancy was 73.3 average
  win/slot/day was 221. For the first nine months
  of 07, ADR was 63.83 occupancy was 77.6
  average win/slot/day was 201

Regulatory approval for up to 3,500, with no
legislative ceiling
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MOUNTAINEER CASINO, RACETRACK RESORT CHESTER,
WV

• Stables
• Hold 1,200 horses
• year-round

• Year-round
• Thoroughbred
• Race Track,
• Clubhouse
• Grandstand
• 1 mile dirt track
• 7 furlong turf track
• 450 slots
• Import export simulcasting
• 37 poker tables

• Fitness
• Center
• 12,000 sq. ft
• Tennis courts

• Hotel,
• Gaming, Convention Center Spa
• 359 hotel rooms
• 2,770 slots
• 50 table games
• 11,866 sq ft
• convention ctr
• Indoor and
• outdoor pools

• The Harv
• 69,000 sq. ft.
• theater events center hosting top performers

• Fine dining and entertainment throughout
• Golf course 8 miles away

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MOUNTAINEER CASINO, RACETRACK RESORT CHESTER,
WV

• Strong demographics
• 6.2 mm adults within a 2-hour drive
• 2.6 million adults within 50 miles
• 40 miles south of Youngstown 100 miles south of
  Cleveland 35 miles west of Pittsburgh 140 miles
  south of Erie

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MOUNTAINEER CASINO, RACETRACK RESORT CHESTER,
WV

• Competitive position
• 1 of 4 legislatively authorized WV racinos
• Nearest competition is 40 miles away
  approximately 1,400 limited video lottery (LVL)
  machines in surrounding counties (local bars are
  allowed up to 5 LVLs, and fraternal organizations
  are allowed up to 10 LVLs)
• 66 of customers from OH 30 from PA 2 from WV
• Approximately 2,350-acre landholding, with only
  385 acres currently developed 2.9 miles of Ohio
  River frontage

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MOUNTAINEER CASINO, RACETRACK RESORT CHESTER,
WV

• Growth opportunities
• Table games opened on December 20, 2007
• Initially 50 tables roulette, craps and
  blackjack -- with no statutory limit on bets and
  number of games
• Initially, four pits in the Hotel Speakeasy
  Casino (21,800 square feet), with a fifth pit to
  open in the Grandstand in the near future
• Will draw new customers, increase business from
  existing customers, improve competitive position
• 9,900 square feet River Poker Room opened on
  October 19, 2007, with 37 tables and 4 additional
  poker tables in the near future
• Casino is now open 24 hours a day

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PRESQUE ISLE DOWNS ERIE, PA
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PRESQUE ISLE DOWNS ERIE, PA

• 2/28/07 opened 140,000 sq ft Clubhouse with
  gaming
• 2,000 slots (100 TITO), including 9 electronic
  BJ games and 4 electronic roulette games
• Fine and casual dining bars

• Between 2/28/07 and 12/30/07, average
  win/slot/day was
• 231 generated 141.4 mm in gaming revenues
  
• A state-of the art thoroughbred racetrack
  opened 9/01/07, with
• racing in 2008 scheduled from May 9 to
  September 27
• 272-acre site, with 58 acres of open space

Authorized for 3,000 slots
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PRESQUE ISLE DOWNS ERIE, PA

• Attractive demographics
• Approximately 3,000 hotel rooms in the Erie area
• Excellent highway access
• 0.5 mm adults w/in 50 miles
• 2.2 mm adults w/in 90 miles
• Nearest competition is 75 miles away

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SCIOTO DOWNS COLUMBUS, OH

• Harness horse racing facility with pari-mutuel
  wagering, year-round simulcasting, live racing
  (May Sept, 80 days) acquired in 2003
• 5 miles from downtown Columbus easy access from
  I-70 I-71

• 1.6 mm adults within 50 miles 3.2 mm within 90
  miles
• 2006 net revenues of 5.5 mm EBITDA of (4.1
  mm), including
• 3.1 mm spent in support of a slot referendum
  in Ohio first nine
• months 07 net revenues of 3.7 mm and
  EBITDA of (1.4 mm)
• 208-acre site could be developed into
  destination resort
• Potential for slot legislation

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JACKSON HARNESS RACEWAY JACKSON, MI

• 90 interest in Jackson Harness Raceway acquired
  in 2005 for 2 mm
• Live harness racing (April - July, 36 days) at
  Jackson County Fairgrounds
• Year-round simulcasting
• Pari-mutuel wagering
• Casual dining
• About 35 miles from Lansing 40 miles from Ann
  Arbor 70 miles from Detroit and 70 miles from
  Toledo, OH
• 2006 net revenues of 3.2 mm EBITDA of
  (328,000) first nine months of 07 net revenues
  of 2.5 mm and EBITDA of (397,000)
• Potential for slot legislation if favorable
  gaming legislation is passed, MTRs ownership
  interest would decrease to 80

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PROPERTY UNDER DEVELOPMENT RUNNING ACES HARNESS
PARK MINNEAPOLIS, MN
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PROPERTY UNDER DEVELOPMENT RUNNING ACES HARNESS
PARK MINNEAPOLIS, MN

• 50 interest in JV with Southwest Casino Hotel
• First harness racetrack in MN second racetrack
  in Minneapolis area
• No additional racetracks or card rooms permitted
  in Minneapolis-St.Paul metropolitan area
• 30 miles northeast of downtown Minneapolis 40
  miles from the Mall of America
• Population approx. 3.2 mm

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PROPERTY UNDER DEVELOPMENT RUNNING ACES HARNESS
PARK MINNEAPOLIS, MN

• Licensed to open card room after tracks first
  50-day live race meet and regulatory approval of
  plan of operation
• Harness track expected to open in mid-Q208 and
  card room expected to open in Q308 with 50
  tables offering non-banked games (casino card
  games poker)
• MTRs expected investment through 2007
  approximately 12.5 mm
• Non-recourse construction financing of
  approximately 42 mm total development cost of
  approx. 63 mm
• Peer Canterbury Park Racetrack Card Club
• 2006 revenues of 56.1 mm EBITDA of 7.0 mm
• Mystic Lake and Little Six (Indian) casinos
  located within 5 miles of Canterbury Park
• Potential for slot legislation

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PROPERTY BEING SOLDBINIONS GAMBLING HALL
HOTEL

• Acquired assets for 22 mm in 2004
• 800 slots, 47 tables, 35 poker tables, 365 hotel
  rooms
• June 07 definitive agreement to sell Binions
  for 32 mm in cash to TLC Casino Enterprises

• Subject to obtaining governmental approvals,
  other customary conditions, and certain purchase
  price adjustments
• Reflected as an asset held for sale on MTRs
  financial statements

Excluding a 5 mm claim by Harrahs, which MTR
is disputing but which MTR has fully accrued
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PROPERTY BEING SOLDSPEEDWAY CASINO

• Acquired in May 98 for 5.6 mm
• Total asset value (excluding cash) as of
  12/31/06 10.7 mm
• 2006 net revenues of 12.0 mm and EBITDA of 2.5
  mm first nine months of 07 net revenues of 8.4
  mm and EBITDA of 1.2 mm
• Jan. 08 sold the real estate for 11.4 mm
• Jan. 08 agreement to sell the Speedway assets
  for 6.775 mm, with 4.775 mm contingent on
  future revenue
• Subject to obtaining governmental approvals and
  other customary conditions

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STRONG HISTORICAL RESULTS
(Dollars in millions)
TOTAL REVENUES EBITDA

• EBITDA in 05 and 06 reflects the carrying
  costs of MTRs growth
• initiatives

The financial results in the above charts include
Binion's. Definition and reconciliation of
EBITDA included in later slides
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SUMMARY TAX INFORMATION

• West Virginia
• Slots
• Effective rate 56.8
• Based on 55.4 of the first 160 million of slot
  revenue, and 59.7 of the excess
• Table games
• Effective rate 38-40
• Based on State rate of 35 plus 2.5 million
  annual license fee
• Pennsylvania slots
• Effective rate 58-60
• Based on State rate of 55 plus a minimum tax of
  the greater of 2 or 10 million for the
  municipal/county

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OVERVIEW OF CAPITAL STRUCTURE

• Common Stock Outstanding 27.6 mm shares
• 9.75 Senior Notes due 2010 130 mm
• Redeemable on or after April 1, 2007, at
  specified redemption prices
• 9 Senior Subordinated Notes due 2012 125 mm
• Redeemable on or after June 1, 2009, at specified
  redemption prices
• Senior Secured Revolving Credit Facility 155
  mm
• As of November 7, 2007, MTR had drawn 141 mm and
  had issued 1.5 mm in letters of credit under
  this Facility

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SUMMARY

• Proven ability to successfully develop and
  operate middle-market gaming properties
• Mountaineer solid base business, exciting upside
  potential with the addition of table games
• Presque Isle Downs Casino represents major
  diversification
• Key growth drivers new properties the
  potential for expanded gaming at existing/new
  properties
• Pari-mutuel wagering commenced on July 27, 2007,
  and racing on September 1, 2007, at Presque Isle
  Downs Casino
• Poker operation commenced on October 19, 2007,
  and table games commenced on December 20, 2007,
  at Mountaineer
• Harness track and card room in Minneapolis
• Potential for slots legislation in Michigan,
  Minnesota and Ohio

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RECONCILIATION OF NET INCOME TO EBITDA

• EBITDA represents earnings (losses) before
  interest, income tax expense (benefit),
  depreciation and amortization, equity in loss of
  unconsolidated joint venture and (gain) loss on
  disposal of property. EBITDA is not a measure of
  performance or liquidity calculated in accordance
  with generally accepted accounting principles
  (GAAP), is unaudited and should not be
  considered an alternative to, or more meaningful
  than, net income or income from operations as an
  indicator of our operating performance, or cash
  flows from operating activities, as a measure of
  liquidity. EBITDA has been presented as a
  supplemental disclosure because it is a widely
  used measure of performance and basis for
  valuation of companies in our industry. Uses of
  cash flows that are not reflected in EBITDA
  include capital expenditures (which are
  significant given our expansion), interest
  payments, income taxes, and debt principal
  repayments. Moreover, other companies that
  provide EBITDA information may calculate EBITDA
  differently than we do. A reconciliation of GAAP
  operating income to EBITDA is included in the
  financial table on the next slide.

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RECONCILIATION OF NET INCOME TO EBITDA