MTR Gaming says it's proceeding with Eldorado merger plan - WOWK 13 Charleston, Huntington WV News, Weather, Sports

MTR Gaming says it's proceeding with Eldorado merger plan

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • UPDATE: Route 2 now open following tractor trailer accident

    UPDATE: Route 2 now open following tractor trailer accident

    Monday, August 25 2014 4:00 PM EDT2014-08-25 20:00:48 GMT
    A tractor trailer is blocking part of Route 2. The road is closed until further notice. Drivers heading in both direction are being asked to use the Big Ben Bowen Highway connector by Target to get around.
    A tractor trailer is blocking part of Route 2. The road is closed until further notice. Drivers heading in both direction are being asked to use the Big Ben Bowen Highway connector by Target to get around.
  • BusinessBusinessMore>>

  • Union workers at Frontier OK 3-year contract

    Union workers at Frontier OK 3-year contract

    Monday, September 1 2014 12:17 PM EDT2014-09-01 16:17:18 GMT
    The new contract will expire in August 2017. It covers about 1,500 employees in 42 West Virginia counties.
    The new contract will expire in August 2017. It covers about 1,500 employees in 42 West Virginia counties.
  • Shale activity spurs WesBanco growth

    Shale activity spurs WesBanco growth

    Monday, September 1 2014 10:00 AM EDT2014-09-01 14:00:29 GMT
    Managing growth has been a problem for some companies in the shale gas region of West Virginia, leading WesBanco to provide services to help them.
    Managing growth has been a problem for some companies in the shale gas region of West Virginia, leading WesBanco to provide services to help them.
  • WV workforce lacks oil and gas expertise — for now

    WV workforce lacks oil and gas expertise — for now

    Sunday, August 31 2014 5:00 PM EDT2014-08-31 21:00:19 GMT
    Despite the relatively high amount of natural gas production in West Virginia, less than 3 percent of employees in some of the major occupations that make up the sector's workforce live in the Mountain State.
    Despite the relatively high amount of natural gas production in West Virginia, less than 3 percent of employees in some of the major occupations that make up the sector's workforce live in the Mountain State.
MORGANTOWN, WV (AP) -

MTR Gaming Group said Tuesday it's evaluating a buyout offer from Jacobs Entertainment, but its board of directors remains unanimously behind plans for a merger with Nevada-based Eldorado Resorts.

Colorado-based Jacobs made an unsolicited offer to MTR earlier this month that it says is 10 percent richer for MTR shareholders than the proposed merger. But MTR said it can't say when it might have a decision or any further comment about Jacobs' proposal.

In U.S. Securities and Exchange Commission filings, CEO Jeffrey Jacobs said his unsolicited offer of $5.69 per share is worth $15.6 million more than Eldorado Resorts' offer of $5.15 per share.

He also argues that MTR's board wouldn't be selling control of the company and could still appoint the majority of the board of directors. Jacobs owns more than 5 million shares, or 18 percent, of MTR's stock.

MTR runs Presque Isle Downs & Casino near Erie, Pa., Mountaineer Casino and Racetrack & Resort in Chester, W.Va., and Scioto Downs Casino & Racetrack near Columbus, Ohio.

Eldorado operates the Eldorado Reno and Silver Legacy, both in Reno, Nev., and Eldorado Shreveport in Louisiana.

In May, Jacobs offered to sell his company to MTR in exchange for $144.5 million in MTR stock, saying it would help the company diversify. He withdrew that offer after the Eldorado announcement.

Jacobs Entertainment also owns the Colonial Downs thoroughbred track and 10 off-track betting facilities in Virginia; The Lodge Casino at Black Hawk and the Gilpin Hotel Casino, both in Colorado; the Gold Dust West-Reno, the Gold Dust West-Carson City and the Gold Dust West-Elko in Nevada; and 23 video poker truck stops in Louisiana.  

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.