Exhibit 99.1

FOR IMMEDIATE RELEASE

MTR GAMING GROUP REPORTS FIRST QUARTER 2011 RESULTS

CHESTER, WV — May 5, 2011 — MTR Gaming Group, Inc. (NasdaqGS: MNTG) today announced financial results for the first quarter ended March 31, 2011.  See attached tables, including reconciliation of GAAP income (loss) from continuing operations and income (loss) from discontinued operations to Non-GAAP Adjusted EBITDA.

For the first quarter of 2011, the Company’s total net revenues were $98.3 million compared to $99.4 million in the same period of 2010.  Adjusted EBITDA from continuing operations was $16.2 million compared to $16.6 million in the first quarter of 2010.  The Adjusted EBITDA margin was 16.5% compared to 16.8% in the prior-year quarter.

The Company reported a loss from continuing operations of $5.1 million for the quarter, or $0.19 per diluted share, compared to a loss from continuing operations of $3.1 million, or $0.11 per diluted share, in the same quarter last year.  The net loss for the quarter was $5.1 million, or $0.19 per diluted share, compared to a net loss of $3.3 million, or $0.12 per diluted share, for the comparable period of 2010.  The 2011 net loss includes income tax expense of approximately $0.9 million, which is attributable to an increase in the valuation allowance on deferred tax assets.  Prior-year results included a loss from discontinued operations in the amount of $0.1 million, or $0.01 per diluted share.

Net revenues at Presque Isle Downs & Casino increased 15% to $46.8 million during the first quarter of 2011 compared to $40.6 million during the same period of 2010.  Net revenues for the first quarter of 2011 included $5.0 million in revenue from table games, which were implemented in July 2010, as well as an increase in slot revenue of $0.9 million compared to the same quarter of 2010.  The property generated Adjusted EBITDA of $9.9 million compared to $7.9 million in the same quarter of 2010, with the Adjusted EBITDA margin increasing to 21.2% compared to 19.4% in the prior-year period.

Net revenues at Mountaineer Casino, Racetrack & Resort decreased 12% to $51.4 million in the first quarter of 2011 compared to $58.6 million in the first quarter of 2010.  Table gaming at Mountaineer generated $7.3 million of revenues compared to $11.3 million in the prior-year period, while revenues from slots were $39.3 million compared to $42.1 million in the same quarter of 2010.  The decrease in revenue was primarily attributable to competitive pressures from the introduction of table games in Pennsylvania in July 2010 and weak economic conditions.  The property saw Adjusted EBITDA decline to $9.3 million from $12.1 million in the comparable quarter of 2010, primarily caused by the decline in revenue.  The Adjusted EBITDA margin at Mountaineer declined to 18.0% compared to 20.6% in the prior-year quarter.

Corporate overhead costs decreased 13% to $2.5 million during the first quarter of 2011 compared to $2.9 million in the prior-year period.

“Although difficult economic conditions and increased competition against Mountaineer in the first quarter of 2011 were the main cause of the decline in revenue, we are encouraged that the Company’s overall Adjusted EBITDA margin was essentially flat with the prior-year period,” said Jeffrey J. Dahl, President and Chief Executive Officer of MTR Gaming Group, Inc.  “Also, subsequent to the end of the quarter we added Joseph Billhimer, Jr. as Senior Vice President for Operations and Development to the team.  Joe is a strong addition and will do a more than capable job of heading up Mountaineer’s operations as well as steering our development initiatives.  We continue to keep a close eye on our cost structure as weak economic conditions persist and focus on a disciplined marketing approach to maximize revenues.”

Balance Sheet and Liquidity

As of March 31, 2011, MTR had $45.8 million in cash and cash equivalents and $378.4 million in total debt, net of discounts.

Reconciliation of Non-GAAP Measures to GAAP

Adjusted EBITDA represents earnings (losses) before interest, income taxes, depreciation and amortization, gain (loss) on the sale or disposal of property, loss on asset impairment, loss on debt modification and extinguishment and equity in loss of unconsolidated joint venture.  Adjusted 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 as an alternative to, or more meaningful than, net income (loss) or income (loss) from operations as an indicator of our operating performance, or cash flows from operating activities, as a measure of liquidity. Adjusted 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. Management of the Company uses Adjusted EBITDA as the primary measure of the Company’s operating performance and as a component in evaluating the performance of operating personnel.  Uses of cash flows that are not reflected in Adjusted EBITDA include capital expenditures, interest payments, income taxes, and debt principal repayments, which can be significant. Moreover, other companies that provide EBITDA information may calculate EBITDA differently than we do. A reconciliation of GAAP income (loss) from continuing operations and income (loss) from discontinued operations to Adjusted EBITDA is included in the financial tables accompanying this release.

Conference Call

Management will conduct a conference call focusing on the financial results and corporate developments later today at 4:30 p.m. EDT.  Interested parties may participate in the call by dialing (877) 407-0789.  Please call in 10 minutes before the call is scheduled to begin and ask for the MTR Gaming call (conference ID #371874).

The conference call will be webcast live via the Investor Relations section of the Company’s website at www.mtrgaming.com.  To listen to the live webcast please go to the website at least 15 minutes early to register, download and install any necessary audio software.  If you are unable to listen to the live call, the conference call will be archived on the Investor Relations section of the Company’s website.

About MTR Gaming Group

MTR Gaming Group, Inc., through subsidiaries, owns and operates Mountaineer Casino, Racetrack & Resort in Chester, West Virginia; Presque Isle Downs & Casino in Erie, Pennsylvania; and Scioto Downs in Columbus, Ohio. For more information, please visit www.mtrgaming.com.

Forward-Looking Statements

Except for historical information, this press release contains forward-looking statements concerning, among other things the prospects for improving the results of our gaming operations at Mountaineer and Presque Isle Downs, including the success and growth of table gaming at Presque Isle Downs and Mountaineer. 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, the impact of new competition for Mountaineer (including table gaming in Pennsylvania) and Presque Isle Downs, the effectiveness of our marketing programs, the enactment of future gaming legislation in the jurisdictions in which we operate (including the implementation of casino gaming in Cleveland and Columbus, Ohio and the implementation of video lottery terminals at racetracks in Ohio), changes in, or failure to comply with, laws, regulations or the conditions of our gaming licenses, accounting standards or environmental laws, including adverse changes in the gaming tax rates that the Company currently pays in its various jurisdictions, general economic conditions, disruption (occasioned by weather conditions or work stoppages) of our operations, our ability to improve our operating margins, our continued suitability to hold and obtain renewals of our gaming and racing licenses, our ability to comply with the covenants of our various debt instruments and/or our ability to obtain additional debt and/or equity financing, if and when needed, 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. The cautionary advice in this paragraph is permitted by the Private Securities Litigation Reform Act of 1995.

For Additional Information, Please Contact:

MTR Gaming Group, Inc.

www.mtrgaming.com

John W. Bittner, Jr.

Executive Vice President and Chief Financial Officer

(724) 933-8122

Jbittner@mtrgaming.com

MTR GAMING GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in thousands, except per share amounts)

(unaudited)

MTR GAMING GROUP, INC.

SELECTED FINANCIAL INFORMATION

(dollars in thousands)

(unaudited)

The following tables set forth a reconciliation of income (loss) from continuing operations and income (loss) from discontinued operations, GAAP financial measures, to Adjusted EBITDA, a non-GAAP financial measure.

MTR GAMING GROUP, INC.

SELECTED FINANCIAL INFORMATION (continued)

(dollars in thousands)

(unaudited)

MTR GAMING GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

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