Jeffrey Jacobs now controls MTR Gaming

Nov 11, 2008 5:07 PM

Industry Insider by Ray Poirier | Jeffrey Jacobs, who learned the casino business while serving on the board of the late Norbert Jansen’s Boardwalk Casino in Las Vegas, has added another gaming operation to his growing list of properties.

Jacobs has become chairman of MTR Gaming Group Inc. (MNTG) and is the largest single shareholder in the company.

Last week, his family’s Revocable Trust agreed to acquire 500,000 shares of MNTG from Edson R. Arneault, the former CEO, who retired from his post at the end of October.

In reorganizing the company, Jacobs also expanded the board of directors from seven to nine. The three members appointed, including one to replace Arneault, were: Steven M. Billick, Raymond K. Lee and Stanley R. Gorom III.

MTR Gaming Group’s flagship is Mountaineer Park racing in West Virginia. The company also operates a racino in Pennsylvania and has racing interest in Ohio and Minnesota. It previously owned a pair of casinos, including Binion’s Gambling Hall, in Las Vegas, but these were sold.

Jacobs Entertainment Inc., owns casinos in Nevada and Colorado and operates Virginia’s only pari-mutuel racetrack, Colonial Downs.