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MTR Merging Into Eldorado

Billhimer tapped as president and COO, while Eldorado official will be CEO

September 10, 2013

CHESTER — As MTR Gaming Group continues adjusting to new gambling markets, the company that operates Mountaineer Casino, Racetrack & Resort will merge with Eldorado Resorts....

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(7)

acousticportal

Sep-10-13 10:51 AM

State supported addiction-for-profit. Disgusting, unethical, and destructive for the majority. Unbelievable.

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Ragnar

Sep-10-13 6:53 PM

A "premium" cash price of 11% over today's close for less than 20% of all outstanding shares?

The NR did not do its' homework. Following the merger, Eldorado's current shareholders will wind up owning 35.6 million shares, or 55% of the new company, at a valuation of $5.15 per share.

The new company will thus have a market cap of about $333 million.

MTR's current cap is $128.45 million and Eldorado is a private company so we don't know what their situation is.

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uglyassmf

Sep-10-13 9:36 PM

I am not against gambling. I do very little myself. I find it interesting that the states locked up and prosecuted many people for the same thing in the past. Fined them..took their property and now the state does it. You know a lot of the older gangsters made their children go to college and earn law degrees. A lot of them are now senators and congressmen. Still doing the same thing only being above the law now.

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legal6

Sep-10-13 9:58 PM

And the usual add on by Myers and his minions to have pity for the beautifully run, Wheeling Island. See the news differently and ask yourselves why the Wheeling Island pity party continues yet again in an article about a merger between 2 other companies.

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Triton

Sep-11-13 8:24 AM

I always find the birth of gambling in WV to be very odd. It was on the statewide ballot numerous times and it never passed. Pro gamblers try to mobilize us by doing the Obama style hate thing, its the bible thumpers in the south that are voting it down. But it still never passed. So one day the rodents who run WV decided that the Gov should just say, well heck we don't need to have that on the ballot, its just a logical extension of the powerball lottery. Shucks, we gots us some casinos. But casinos are a private business, not a state lottery and the money goes to companies not the public coffers. And there is a small army of bureaucrats and "regulators" for those industries and many have the same names as their bosses. Its so WV. If we don't vote the right way, they will just do it anyhow. The casino wave has flattened out and its harder for the regulators to make a buck. There are whole families of state bureaucrats at risk here, looking the other way is at risk.

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icecream

Sep-12-13 2:49 AM

I find this article fascinating! I grew up in Wheeling, WV... My roots are in Wheeling--yet, I moved to LA, young--21-- and raised my two children in LA--true home, of 'land of the free'! Another story...

I now live in RENO, NV.. Eldorado Hotel and Casino! I live close to a family member connected to the owners of the Eldorado Hotel and Casino...

Interesting that Wheeling, WV is the BIRTHPLACE of JESSE RENO, A Civil War General, who is the namesake of RENO, NV... I find this bit of history fascinating... Don't you???

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icecream

Sep-13-13 12:58 PM

The combined new company will remain publicly traded under the banner Eldorado Resorts Inc.

"This transaction provides MTR Gaming Group a great opportunity to offer our stockholders a choice to continue to be a part of our future success or to receive a significant cash premium to the current stock price," said Billhimer.

For those lamenting we don't have a state lottery, with money going into the state coffers, you could always buy stock of Eldorado Resorts Inc.

State lotteries often promise to use the lottery money for education--usually doesn't happen!!!

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