March 11, 2010 11:18 PM
by Ray Poirier
Industry Insider by Ray Poirier |
Ted Arneault, who was CEO of MTR Gaming Group Inc. (MNTG) when the company bought Binion’s Gambling Hall in downtown Las Vegas from Harrah’s Entertainment Inc., has settled a lawsuit against his former employer.
According to a filing with the Securities & Exchange Commission, MTR Gaming has agreed to pay Arneault $1.6 million to end his consulting arrangement and withdraw his lawsuit.
In his suit, Arneault claimed MTR Gaming reneged on plans to pay $150,000 in annual insurance premiums.
When he ended his 13-year employment with the company, Arneault was granted ownership of a corporate residence, a $400,000 bonus and an $11.5 million trust.