|
MTR GAMING GROUP AND TLC CASINO ENTERPRISES EXPECT TO CLOSE SALE OF BINION'S BY FEBRUARY
CHESTER, WV – December 6, 2007 – MTR Gaming Group, Inc. (NasdaqGS: MNTG) and TLC Casino Enterprises, Inc. today announced that they anticipate being on the January agendas of the Nevada Gaming Control Board and the Nevada Gaming Commission. Assuming that the transaction is on the January agendas and receives approval, MTR Gaming Group and TLC would expect to close on the sale of Binion's Gambling Hall & Hotel by February 2008.
Edson R. (Ted) Arneault, CEO of MTR Gaming Group, stated, "We are pleased to be nearing the close of the Binion's sale to TLC, as we believe it is in the Company's best interest to concentrate our efforts and resources on our core properties in West Virginia, Pennsylvania and the Midwest. Terry Caudill has a proven track record and we believe he has the knowledge and expertise to lead Binion's to its next stage of growth."
Terry Caudill, President of TLC Casino Enterprises, Inc., commented, "We are looking forward to operating Binion's alongside the Four Queens, and are very enthusiastic about the prospects for the property and incorporating the Binion's employees into our organization."
MTR Gaming Group and TLC Casino Enterprises entered into a definitive agreement in June 2007 to sell Binion's Gambling Hall & Hotel for $32 million in cash, subject to certain adjustments. TLC Casino Enterprises, Inc. also owns and operates the Four Queens Hotel & Casino in Downtown Las Vegas.
About MTR Gaming Group
MTR Gaming Group, Inc., through subsidiaries, owns and operates the Mountaineer Casino Racetrack and Resort in Chester, WV; Presque Isle Downs & Casino in Erie, PA; Scioto Downs in Columbus, OH; the Ramada Inn and Speedway Casino in North Las Vegas, NV; and Binion's Gambling Hall & Hotel in Las Vegas, NV. The Company also owns a 90% interest in Jackson Trotting Association, LLC, which operates Jackson Harness Raceway in Jackson, MI, and a 50% interest in the North Metro Harness Initiative, LLC, which has a license to operate a harness racetrack 30 miles north of downtown Minneapolis. 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. The Company does not intend to update publicly any forward-looking statements, except as may be required by law. The cautionary advice in this paragraph is permitted by the Private Securities Litigation Reform Act of 1995.
For Additional Information, Please Contact:
MTR Gaming Group, Inc.
www.mtrgaming.com
Steven D. Overly, VP, Business and Legal Affairs
(304) 387-8558
soverly@mtrgaming.com
Investor Relations Counsel:
The Equity Group Inc.
Loren G. Mortman
212-836-9604
LMortman@equityny.com
www.theequitygroup.com |
