FOR IMMEDIATE RELEASE
MTR GAMING GROUP NAMES DONALD J. DUFFY TO BOARD OF DIRECTORS
CHESTER, WV - June 18, 2001 - MTR Gaming Group, Inc. (Nasdaq
National Market:MNTG) today announced that Donald Duffy has
been elected to the Company's Board of Directors, bringing
the total number of directors to six. Mr. Duffy, 33, brings
to MTR a broad range of corporate finance, advisory and gaming
industry experience.
Mr. Duffy is currently a managing partner of Meyer Duffy Ventures,
a venture capital company he co-founded in 1994, and Meyer,
Duffy & Associates, a consulting firm. Mr. Duffy is involved
with the development and implementation of business plans including
financial forecasting and analysis, management team development,
corporate strategy and capital formation. Prior to forming
Meyer Duffy, he was Senior Vice President at Oak Hall Capital
Advisors and before that an investment fund partner at Sloate,
Weisman, Murray & Company, specializing in investments
in the leisure and gaming and markets at both firms. Additionally,
Mr. Duffy presently serves on the Board of Directors of two
privately held companies and previously served on the Audit
Committees of two public companies. Mr. Duffy will also serve
on MTR's Audit Committee.
Edson R. (Ted) Arneault, President and CEO of MTR Gaming Group,
stated, "We are extremely pleased to welcome Don to our
Board of Directors. Don brings a unique blend of expertise
to the talent reservoir of our Board, which will be a tremendous
asset during this exciting time in our Company's development.
We are confident that he will make lasting contributions to
MTR's future success, and we look forward to working with him
and benefiting from his counsel."
The Company also announced that its Annual Meeting of Shareholders
will be held on August 21, 2001, at the Company's Mountaineer Casino Racetrack and Resort in Chester, West Virginia.
About MTR Gaming Group
MTR Gaming Group owns and operates the Mountaineer Casino Racetrack and Resort in Chester, West Virginia, which currently encompasses
a thoroughbred racetrack with off-track betting and export
simulcasting, 3,200 slot machines, 359 hotel rooms, golf course,
spa & fitness center, theater and events center, convention
center and fine dining and entertainment. The Company also
owns and operates the Ramada Inn and Speedway Casino in North
Las Vegas, and holds a license to build a new thoroughbred
racetrack with parimutuel wagering in Erie, Pennsylvania. MTR
is included on the Russell 2000® and Russell® 3000
Indexes. For more information, please visit www.mtrgaming.com.
Except for historical information, this
press release contains forward-looking statements concerning,
among other things, the acquisition of Scioto Downs, Inc.
Such statements are based on MTR’s current plans and
expectations. 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 are described in the Company’s
periodic reports filed with the Securities and Exchange Commission,
and with respect to the Scioto Downs acquisition are described
in the Merger Agreement, as amended, which is attached as
exhibits to the Company’s reports on Forms 8-K filed
December 24, 2002,
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