MTR Gaming Group CEO falls with golden parachute

Oct 21, 2008 5:00 PM

by Ray Poirier | Ted Arneault, who as president and CEO of MTR Gaming Group Inc. (MNTG) engineered the purchase and then the sale of Binion’s Hotel/Casino in downtown Las Vegas while running the company’s racino operation in West Virginia, will leave his post on Oct. 31 with a beneficial golden parachute.

According to a report filed with the Securities & Exchange Commission, Arneault will be eligible to a trust that had an estimated value on June 30 of $11.5 million.

The trust includes a corporate residence in New Cumberland, West Virginia, plus furniture and associated property. He also will receive a $400,000 bonus and other compensation that has been held in the trust.