<PAGE>


                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934


         Date of Report (Date earliest event reported)   August 16, 2000
                                                         ---------------


                             MTR GAMING GROUP, INC.
             -----------------------------------------------------
             (exact name of registrant as specified in its charter)


                                    DELAWARE
                 ----------------------------------------------
                 (State or other jurisdiction of incorporation)


            0-20508                                     84-1103135
    ------------------------               ------------------------------------
    (Commission File Number)               (IRS Employer Identification Number)


                   STATE ROUTE 2 SOUTH, CHESTER, WEST VIRGINIA
                   -------------------------------------------
                     (Address of principal executive offices)


                                    26034
                               ---------------
                                  (Zip Code)


    Registrant's Telephone Number, Including Area Code:  (304) 387-5712
                                                         --------------


                                       N/A
          -------------------------------------------------------------
          (Former name or former address, if changed since last report)


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Item 5.   OTHER EVENTS.

         On August 16, 2000, MTR Gaming Group, Inc. and its wholly-owned
subsidiaries, Mountaineer Park, Inc., Speakeasy Gaming of Las Vegas, Inc.,
and Speakeasy Gaming of Reno, Inc. (collectively, the "Company"), entered
into an amended and restated five-year senior secured revolving credit
facility in the principal amount of $60 million (the "Wells Fargo Loan") with
Wells Fargo Bank, National Association ("Wells Fargo"). The amended and
restated credit facility increases the amount of available borrowings from
$38.5 million to $60 million. The Company will use the increased borrowings
primarily to continue the expansion of the Mountaineer Racetrack and Gaming
Resort in Chester, West Virginia.


SUMMARY OF THE WELLS FARGO LOAN

         Some of the more important terms of the Wells Fargo Loan and the credit
agreement evidencing such loan (the "Credit Agreement") are as follows:

                      a.   The loan is a five-year revolving commitment with no
                           required amortization of principal, except in certain
                           circumstances.

                      b.   The Company may elect to borrow at the London
                           Interbank Offered Rate (LIBOR) plus a margin ranging
                           from 1.5% to 2.5% ("LIBOR Loans"). Alternatively, the
                           Company may elect to borrow either at the Prime Rate
                           or Federal Funds Rate, plus a margin ranging from
                           0.25% to 1.25% ("Base Rate Loans"). The applicable
                           margin added to the London Interbank Offered Rate,
                           Prime Rate, or Federal Funds Rate will depend upon
                           the Company's Leverage Ratio (as defined in the
                           Credit Agreement). Presently, the applicable margin
                           is 2% over LIBOR and 0.75% over the Prime Rate or
                           Federal Funds Rate.

                      c.   LIBOR Loans (which, depending upon the election made
                           by the Company, will have a term of one, two, three
                           or six months) will have substantial prepayment
                           penalties; Base Rate loans will have no prepayment
                           penalty.

                      d.   The Company shall pay a quarterly commitment fee on
                           its unused borrowing capacity.

                      e.   The Credit Agreement contains a number of affirmative
                           and negative covenants which, among other things,
                           require the Company to maintain certain financial
                           ratios and refrain from certain actions without Wells
                           Fargo's concurrence. Customary events of default
                           provisions are also included.

                      f.   Substantially all of the Company's assets, including
                           all of the capital stock of Mountaineer Park, Inc.,
                           Speakeasy Gaming of Las Vegas, Inc. and Speakeasy
                           Gaming of Reno, Inc., are pledged as security for
                           repayment of the Wells Fargo Loan.


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                      g.   The applicable margin to be added to the
                           above-mentioned benchmark interest rates will
                           generally be determined quarterly based upon the
                           Company's Leverage Ratio in accordance with the
                           following table:


<TABLE>
<CAPTION>


=========================================================================================
                                                                               LIBO
                                                              BASE RATE        RATE
                  LEVERAGE RATIO                               MARGIN         MARGIN
-----------------------------------------------------------------------------------------

<S>                                                           <C>             <C>

Greater than or equal to 2.00 to 1.00                           1.25%          2.50%
-----------------------------------------------------------------------------------------

Greater than or equal to 1.50 to 1.0 but less than 2.00         1.00%          2.25%
to 1.00
-----------------------------------------------------------------------------------------

Greater than or equal to 1.00 to 1.0 but less than 1.50         0.75%          2.00%
to 1.00
-----------------------------------------------------------------------------------------

Less than 1.00 to 1.00                                          0.25%          1.50%
=========================================================================================

</TABLE>


                      h.   The Credit Agreement requires the Company to maintain
                           at least $8 million in key man life insurance on
                           Edson R. Arneault throughout the term of the loan and
                           to prepay $4 million of the outstanding principal in
                           the event of Mr. Arneault's death.

                      i.   The Credit Agreement also requires the Company to
                           spend a minimum of 2% and a maximum of 6% of gross
                           revenues on maintenance of the Company's properties.

                      j.   The Credit Agreement permits the Company to incur up
                           to $13 million of additional senior indebtedness for
                           the purchase or lease of gaming equipment.

                      k.   The financing also involved the payment of customary
                           fees and charges to the banks and the Company's
                           financial advisor.

         The foregoing summary of the Wells Fargo Loan is qualified in its
entirety by the terms of the Credit Agreement, which is filed under Item 7
below.


Item 7.  FINANCIAL STATEMENTS AND EXHIBITS.

         The following are filed as exhibits to this report:


<TABLE>
<CAPTION>


                      EXHIBIT NO.            DESCRIPTION
                      -----------            -----------

                      <S>                   <C>

                        10.1                 Credit Agreement

                        99.1                 Press Release

</TABLE>


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         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.


                                         MTR GAMING GROUP, INC.

                                         By:     /s/ EDSON R. ARNEAULT
                                             ----------------------------
                                             Edson R. Arneault, President


Date: August 17, 2000


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