The West will meet the East when a merger between the Carano Family’s Eldorado Resorts LLC of Reno, Nevada, and MTR Gaming Group Inc. of West Virginia join hands.
On Monday morning, the two companies announced that the gaming companies will merge.
Under the agreement, current shareholders of MNTG will be offered a cash election of $5.15 per share. The remaining common shares will form the basis for the new company.
Gary Carano will be named chief executive officer of the new company when the merger is completed. That transaction, creating a company with a value of $1 billion, is expected to happen in mid-2014.
Under the banner of the new company will be six properties across five different jurisdictions. They will operate nearly 10,000 slot machines and 283 able games, as well as 3,282 hotel rooms. They will be located in Nevada, Louisiana, West Virginia, Pennsylvania and Ohio.
A conference call providing more details will be held on Tuesday, Sept. 10, at 7 a.m. PDT.
Contact us at [email protected].