Jacobs Entertainment Discloses 13% Stake in MTR Gaming (MNTG), Nominates Executive to the Board
In a 13D filing on MTR Gaming Group, Inc. (NASDAQ: MNTG), Jacobs Entertainment disclosed a 13% stake (3.6 million shares) in the company.
The firm noted that on October 25, 2006, Jeffrey Jacobs suggested that the vacancy on the board of directors be filled by Mr. Jacobs' nominee, Ian M. Stewart, a long time executive officer of Jacobs Entertainment, Inc. who has expertise in financial, accounting and business matters and in pari-mutuel and gaming operations.
MTR Gaming Group, Inc., through subsidiaries, owns and operates the Mountaineer Race Track & Gaming Resort in Chester, West Virginia; Scioto Downs in Columbus, Ohio; the Ramada Inn and Speedway Casino in North Las Vegas, Nevada; Binion's Gambling Hall & Hotel in Las Vegas, Nevada, and holds licenses to build Presque Isle Downs, a thoroughbred racetrack with pari-mutuel wagering and slot machine gaming in Erie, Pennsylvania. The Company also owns a 90% interest in Jackson Trotting Association, LLC, which operates Jackson Harness Raceway in Jackson, Michigan. Additionally, MTR owns a 50% interest in the North Metro Harness Initiative, LLC, which has a license to construct and operate a harness racetrack 30 miles north of downtown Minneapolis.
Based in Golden, CO, Jacobs Entertainment is the owner and operator of the Lodge Casino at Black Hawk and the Gilpin Hotel Casino both located in Black Hawk, Colorado; The Gold Dust West Casino in Reno, Nevada; The Pinon Plaza Hotel Casino in Carson City, Nevada (the casino properties); Colonial Downs Racetrack in Virginia and nine related off-track wagering facilities located in Virginia; and 11 truck plaza video gaming facilities located in Louisiana with a share in the gaming revenues of an additional truck plaza located in Louisiana.