CHESTER, W.Va. — A combination racetrack and casino in this Ohio River town hints at the economic impact from tracks proposed for the Dayton region.

These complexes do bring some jobs, but are not a cure-all for an ailing local economy, officials here say.

The facility here, Mountaineer Casino Racetrack and Resort, is similar to the proposed “racino” that developers want to build in Dayton at a former Delphi factory site at Needmore and Wagner Ford roads.

Operators of the Lebanon Raceway are also seeking state permission to add slotlike video lottery terminals — VLTs — to their operation and would like to move it to a new site near Interstate 75.

Local authorities are anxious to see a windfall of jobs and new tax revenue from the projects. But operators of Mountaineer said a new gaming operation is still subject to financial ups and downs.

Mountaineer began as a thoroughbred track in the 1950s but was struggling financially as far back as the 1970s.

Rosemary Williams, Mountaineer racing director, said the addition of slot machines 17 years ago saved the track and created the first “racino” in the nation. “Racing by itself cannot make it,” Williams said. Some of the proceeds from the slot machines go back into the prize money at the track.

Today, Mountaineer has 2,293 video slot machines in a casino that is open round-the-clock. It also has table games like poker, which Ohio “racinos” would not. The West Virginia Lottery Commission reports slot machines at Mountaineer saw $24.6 million wagered last year.

Still, the casino has not been immune to negative business trends.

The lingering recession throughout the West Virginia panhandle and increased competition from new gaming operations in Pennsylvania produced a one-two punch to the bottom line of Mountaineer’s parent firm, MTR Gaming Group. MTR’s third quarter 2011 financial results showed net revenues at Mountaineer were down 1 percent, from $59.9 million to $59.4 million. In the last year, the company has been through two rounds of layoffs.

Chris Kern, Mountaineer assistant general manager, said the facility will remain profitable only through a diverse offering of entertainments. The complex has a 359-room hotel with multiple restaurants, a full-service spa and two swimming pools. Convention and entertainment venues include a hotel ballroom and a separate 4,000 seat concert building. A fitness center and nearby golf course round out the amenities.

“Right now, we employ 1,300 people directly through the racetrack and casino,” Kern said. “If you add the other people at the track (licensed nonemployees), over 3,600 people have a direct financial tie to the property.”

Mountaineer is the largest employer in the county.

Tax proceeds from the casino have helped Hancock County Sheriff Michael White purchase new squad cars, but otherwise has not dramatically affected local government budgets. White said some feared traffic, crime and prostitution would follow the addition of slot machines to the local track, but there has been no noticeable increase in crime. Traffic does increase on days of large events at Mountaineer, drawing 6,000 to 7,000 people. “When the track’s open during the day, it is like having another city in your community because of the influx of people. Even so, it has not been bad for us,” White said.

Moving from a steel-industry economy to one focused on tourism has been a big change for the region. The massive loss of jobs at nearby Weirton Steel is reminiscent of what the Miami Valley has experienced through the demise of Delphi and General Motors factories.

Marvin Six, director of the Business Development Corporation of the West Virginia Panhandle, said the impact from the loss of major industry is neither immediate nor subtle. It requires a major adjustment of the community’s character. “People involved living in the area have to take a deep breath and recognize what is going on and the activities with it,” Six said.

Beyond what the gamblers will see and hear, the big question is what they will leave behind in the slot machines and at the track betting windows in terms of profits.

David G. Schwartz, director of the Center for Gaming Research at the University of Nevada-Las Vegas, said Penn National Gaming would not be investing approximately $200 million in Dayton if it did not think it would make money here. Penn National is the company that is proposing to relocate the existing Beulah Racetrack from Columbus to Dayton and add video slot machines.

Schwartz said “racinos” are profitable, although they are more complex to operate due to their racetrack. Mountaineer has live racing 210 days a year, March through December.

As for the future impact of the Dayton track on the local economy, Schwartz said he would be leery about predictions of either extreme, good or bad. “People who say the world is going to end if the casino is going to come and people who say this is going to lead us to paradise, I think they’re wrong, too. The key is to be modest in your expectations,” said Schwartz.

Bob Tenenbaum, Penn National Gaming spokesman, said development plans for the Dayton facility are moving forward, awaiting additional action by the Ohio Racing Commission and the Ohio Lottery Commission.