SEARCH NEWS:

 

Binion's sale expect to close soon

CHESTER, West Virginia -- (PRESS RELEASE) -- 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.

< Gaming News