FOR IMMEDIATE RELEASE
MTR GAMING GROUP NAMES THOMAS BROSIG AND LC GREENWOOD AS DIRECTORS;
ROBERT RUBEN STEPS DOWN PRODUCING MAJORITY INDEPENDENT BOARD
OF DIRECTORS
CHESTER, WV - December 3, 2002 - MTR Gaming Group, Inc. (Nasdaq
National Market:MNTG) today announced that Thomas J. Brosig
and LC Greenwood have joined its Board of Directors. Robert
L. Ruben, who has served on MTR's Board since 1995, has stepped
down resulting in a Board with six members, the majority
of whom are outside, independent directors.
Thomas J. Brosig, age 53, brings significant gaming and financial
experience to MTR's Board. In 1990, Mr. Brosig co-founded Grand
Casinos, Inc., and during his tenure there served in numerous
executive positions including CFO, COO and CEO. Grand Casinos
was recognized as one of the most rapidly growing emerging
gaming market operators and ultimately merged with Park Place
Entertainment in January 1999. Subsequent to the merger, Mr.
Brosig became President, mid-south region of Park Place Entertainment
and in January 2001, was promoted to Senior Vice President,
Administration of the corporation. In June 2001, he retired
from full-time employment, remaining with Park Place as a Senior
Vice President responsible for the development of the company's
Indian-owned resort project in New York. In March 2002, Mr.
Brosig retired from active employment with Park Place. Earlier
in his career, Mr. Brosig held senior executive positions at
Channel Home Centers, a division of W.R. Grace and Co. (NYSE:GRA),
Berman's "The Leather Experts," TJ Associates Business
Consulting Services and G-III Apparel Group, Ltd. (Nasdaq NM:GIII),
the nation's largest manufacturer of ladies leather apparel.
Brosig is a member of the Board of Directors of Famous Dave's
of America, Inc. (Nasdaq NM:DAVE), G-III Apparel Group Ltd.
(Nasdaq NM:GIII), and Wilsons The Leather Experts, Inc. (Nasdaq
NM:WLSN). He is the Founder and Chairman of Center Circle (ASC,
Inc. of Mississippi), a foundation for the development of alternative
education programs for children in need of supervision. Brosig
also serves as Chairman of the National Advisory Board on Youth
Gambling Issues at Harvard University. Additionally, he was
a member of the United Way of South Mississippi's Leadership
Board, the Fordham University School of Business Administration's
Advisory Board, and the University of Mississippi's College
of Business Administration's Business Advisory Council. Brosig
graduated Summa Cum Laude with a Bachelor of Science Degree
in Accounting from Fordham University.
LC Greenwood, age 56, brings to MTR a wealth of experience,
relationships and notoriety in Pittsburgh, PA. Greenwood played
defensive end for the World Champion Pittsburgh Steelers for
13 years, during which time he played in and won four Super
Bowls. He was also named a member of every All Pro Team during
the 1970s. In addition to his athletic success, Greenwood is
also accomplished in business, serving as President of Greenwood
Enterprises, a coal and natural gas marketing company, President
of Greenwood/McDonald Supply Co., an electrical supply company,
and President of Greenwood Manufacturing Co., a manufacturer
and distributor of packing products. Additionally, Greenwood
worked on the Miller Lite advertising campaign for ten years,
doing commercials and promotions. Greenwood has been granted
many awards over the years, including an Outstanding Achievement
Award in Canton, MS, Keys to the States of Mississippi and
West Virginia, and election to the Arkansas and Mississippi
Halls of Fame, among other awards. He received his Bachelor
of Science in Vocational Education after enrolling on academic
athletic scholarship at Arkansas AM&N. He is also a Life
Member of the N.A.A.C.P. and member of AFTRA-American Federation
of Theater and Radio.
Brosig has joined the Board's Audit Committee, while Greenwood
has joined the Compensation Committee. Robert A. Blatt, a Director
since 1995, has resigned as a member of the Compensation Committee
but remains on the Board.
Edson R. (Ted) Arneault, President and CEO of MTR Gaming Group,
commented, "On behalf of my fellow directors, I would
like to welcome Tom and LC, each of whom brings different perspectives
to our Board and has outstanding credentials and records of
accomplishment."
Mr. Arneault continued, "Tom's gaming and financial knowledge
make him an excellent addition. His background and experience
with large gaming operations, public companies and mergers/acquisitions
will be valuable during this key stage of MTR's development.
LC's name is synonymous with Pittsburgh, and we believe he
will be a great asset as we further penetrate the Pittsburgh
market for Mountaineer as well as our entrance into Erie with
Presque Isle Downs. Additionally, having worked for ten years
on the Miller Lite campaign, one of the most successful promotional
programs, LC's input on MTR's marketing plan will be extremely
beneficial."
Mr. Arneault concluded, "On behalf of the Board, I want
to thank Rob for his major contributions as both a legal advisor
and Board member since 1995, helping the Company grow from
$15 million in sales in 1995 to over $200 million in the first
nine months this year. We look forward to his continuing contributions
as a legal advisor to MTR. The Board and I also look forward
to a rewarding relationship with Tom and LC. We believe MTR's
well-rounded, majority independent Board will play an important
role in the continued development of the Company."
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. About Scioto Downs
Scioto Downs owns and operates a harness horse racing facility in Columbus,
OH. Major racing programs conducted at Scioto’s facilities include
the Little Brown Jug Preview, the Scarlet O’Hara, the Pink Bonnet,
the Ohio Sires Stakes events and Ohio Fair stakes events.
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, March 5, 2003, and May 7, 2003. MTR’s
plans to build a racetrack in Erie, Pennsylvania remain subject
to the possibility of a legal challenge to the July 17, 2003
decision of the Pennsylvania State Horse Racing Commission
reinstating the license (which was originally granted in
late 2002) and the risks associated with land acquisition,development,
construction and integration of new operations. The Company
does not intend to update publicly any forward-looking statements,
except as may be required by law. |
