SEC Form 4

FORM 4
[ ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 obligations may continue.
See Instruction 1(b). UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940 OMB APPROVAL

OMB Number: 3235-0287
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hours per response. . . . . 0.5

1. Name and Address of Reporting Person^*
Blatt, Robert     A. (Last)                      (First)                      (Middle) 25 Ocean Avenue

(Street) Larchmont, NY     10538
(City)                      (State)                      (Zip) United States 2. Issuer Name and Ticker
    or Trading Symbol

MTR Gaming Group, Inc.   MNTG3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)
4. Statement for
    (Month/Year)

    January 2003

5. If Amendment,
    Date of Original
    (Month/Year)
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
           X          Director                           10% Owner
           X          Officer                             Other

Officer/Other
Description           Vice President7. Individual or Joint/Group
    Filing (Check Applicable Line)

X   Individual Filing
      Joint/Group Filing

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security     (Instr. 3)	2. Transaction Date     (Month/Day/Year)	3. Transaction     Code     and     Voluntary     Code     (Instr. 8) Code  |  V	4. Securities Acquired (A) or Disposed (D) Of     (Instr. 3, 4, and 5)         Amount      |         A/D         |         Price	5. Amount of     Securities     Beneficially     Owned at     End of Month     (Instr. 3 and 4)	6. Owner-     ship     Form:     Direct(D)     or     Indirect (I)     (Instr. 4)	7. Nature of      Indirect      Beneficial      Ownership     (Instr. 4)
Common Stock	01/23/2003	M |	200,000   |           A           |   $2.1563		D
Common Stock	01/23/2003	F |	57,500   |           D           |	955,584	D
Common Stock				3,000	I	By Spouse

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

(over)
SEC 1474 (3-99)

Blatt, Robert A. - January 2003

Form 4 (continued)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security     (Instr. 3)	2. Conver-     sion or     Exercise     Price of     Deri-     vative     Security	3. Transaction     Date     (Month/     Day/     Year)	4. Transaction     Code     and     Voluntary (V)     Code     (Instr.8) Code | V	5. Number of Derivative     Securities Acquired (A)     or Disposed (D) Of     (Instr. 3,4 and 5)	6. Date Exercisable(DE) and     Expiration Date(ED)     (Month/Day/Year)   (DE)     |     (ED)	7. Title and Amount of     Underlying Securities     (Instr. 3 and 4)	8. Price     of     Derivative     Security     (Instr.5)	9. Number of     Derivative     Securities     Beneficially     Owned     at End of     Month     (Instr.4)	10. Owner- ship Form of Deriv- ative Security: Direct (D) or Indirect (I)	11. Nature of       Indirect       Beneficial       Ownership       (Instr.4)
Common Stock Options/1998 Employee Incentive Plan	$2.1563	01/23/2003	M |	(D) 200,000	01/27/1998 | 01/26/2003	Common Stock - 200,000		0	D
Common Stock Options/1999 Employee Incentive Plan	$2.0000				02/24/1999 | 02/23/2004	Common Stock - 150,000		150,000	D
Common Stock Options/2000 Employee Incentive Plan	$2.5000				03/13/2000 | 03/12/2010	Common Stock - 150,000		150,000	D

Explanation of Responses :

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
        See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient,
            See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB number. ________________________________         __________________
** Signature of Reporting Person                         Date


Robert A. Blatt


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SEC 1474 (3-99)