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MTR Gaming Group annnounces new CEO17 October 2008(PRESS RELEASE) -- MTR Gaming Group, Inc. today announced that Robert F. Griffin, the Company's new President and Chief Executive Officer, will join MTR effective November 1, 2008. As previously announced, Mr. Griffin brings to MTR more than 25 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 the operations of 16 casinos and racing facilities in the United States, Grand Bahamas and the United Kingdom. As part of the Company's succession plan, Edson R. (Ted) Arneault, MTR's current President and CEO, will resign his employment effective October 31, 2008, two months earlier than its expiration. Mr. Arneault has indicated that he will also resign from the Board of Directors effective October 31, 2008. The Company expects to fill the board seat with an independent director who will lend additional financial expertise to the Company's Audit Committee. In order to facilitate a smooth transition as well as to avail the Company of Mr. Arneault's expertise in marketing and government relations, the Company has entered a 30-month consulting agreement with Mr. Arneault, which will begin November 1, 2008 and contains a covenant not to compete. Also as part of the succession plan, the Company extended the employment of a number of management personnel until November of 2009. Robert Blatt, Chairman of MTR's Succession Committee, commented, "We are pleased to announce these agreements that allow Bob to begin his term on November 1st and will help facilitate a smooth transition for everyone at MTR. We deeply appreciate Ted Arneault's hard and innovative work during his thirteen years as President and CEO and his graciousness during the succession process." 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. |