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MTR set to close Binion’s deal

Dec 11, 2007 6:41 AM

MTR Gaming Group, Inc., which is selling Binion’s Gambling Hall to Four Queens owner Terry Caudill, anticipates the deal will be approved by Nevada regulators in January, clearing the way for the sale to close by February.

The closing doesn’t come too soon for MTR Gaming, which is also selling its Speedway Casino in North Las Vegas and is expanding its gaming operation at Mountaineer Park in West Virginia.

Edson R. (Ted) Arneault, CEO of MTR Gaming Group, stated, "We are pleased to be nearing the close of the Binion’s sale to (Terry Caudill), 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 agreement in June to sell Binion’s 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.

Later this month, MTR Gaming will add 50 table games and 32 poker tables to Mountaineer Park, which will now be called Mountaineer Casino, Racetrack & Resort with the addition of poker and table games.

The table games will be located in the park’s Speakeasy Casino in four newly renovated areas and will feature craps, blackjack, roulette, three-card poker and other games. Additional table games are planned to be placed in a pit near the trackside poker room, subject to Lottery Commission approval.

"With the pending launch of table games and the recent opening of 37 poker tables in October, we are significantly expanding the entertainment offering at Mountaineer and entering a new market that appeals to a broader demographic," Arneault said. "The table games market is primarily age 50 and under, and we believe that our offering will attract this new demographic, as well as drive increased play from our existing customers. In addition to the 50 new table games, due to significant demand for poker on weekends, we are adding four more poker tables."