MTR Gaming Group, Inc. (Nasdaq GS:MNTG) today announced that its Board
of Directors has selected Robert F. Griffin as its next President and
Chief Executive Officer. Mr. Griffin brings to MTR more than twenty-five
years of experience in the gaming industry, most recently as Senior Vice
President of Operations – Corporate for Isle
of Capri Casinos Inc., where he was responsible for operations of
sixteen casinos and racing facilities in the United States, Grand
Bahamas and the United Kingdom. Mr. Griffin will assume his new duties
on January 2, 2009 or such earlier date to which the parties may agree.
Robert Blatt, Chairman of MTR’s Succession
Committee, commented: “Bob Griffin is an
experienced, proven, bottom-line oriented gaming executive. We conducted
a national search and met with many talented external and internal
candidates and feel confident that Bob’s track
record in multiple jurisdictions makes him the best choice to lead our
Company as we conclude our development phase and continue to focus on
operational efficiencies and debt reduction.”
Edson R. (Ted) Arneault, MTR’s current
Chairman, President and CEO, commented, “I
think Bob’s operational expertise is a great
strategic fit with the current management team and will provide MTR with
the best management team to maximize its unique position in its gaming
markets.”
Commenting on the appointment, Mr. Griffin said: “Ted
and his staff have done an excellent job building a regional market
gaming company, driving revenue growth and developing a strategic
direction for the future. I thank the Board of Directors for their
confidence and look forward to leading MTR Gaming Group as we optimize
operational excellence, focus on service strategies and improve
shareholder value."
The Company has granted Mr. Griffin a ten-year option to purchase
150,000 shares of its common stock at an exercise price equal to the
Nasdaq Official Close Price of the stock on September 19, the date of
grant, subject to certain vesting and other provisions as agreed upon by
Mr. Griffin and the Company.
The Company is working with its current Chairman, President and CEO,
Edson Arneault, on agreements to facilitate a smooth transition and
avail the Company of Mr. Arneault’s expertise
in marketing and government relations. The Company expects to conclude
those agreements in the near future.
About MTR Gaming Group
MTR Gaming Group, Inc., through subsidiaries, owns and operates
Mountaineer Casino, Racetrack & Resort in Chester, WV; Presque Isle
Downs & Casino in Erie, PA; and Scioto Downs in Columbus, OH. 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 operates
Running Aces Harness Park in Minneapolis, MN. For more information,
please visit www.mtrgaming.com.
Except for historical information, this press release contains
forward-looking statements concerning the Company’s
plans to enter a consulting arrangement with its current president and
CEO as part of a transition. 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 include, but are not limited to, the inability
of the parties to agree to the terms of such an agreement. 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.
MTR Gaming Group, Inc.
David Hughes, 304-387-8114
Executive VP
and CFO
www.mtrgaming.com
Dhughes@mtrgaming.com
