Casino news source: Thoroughbred Times - http://www.thoroughbredtimes.com/
MTR Gaming to sell Speedway Casino
MTR Gaming Group will sell its Speedway Casino in North Las Vegas to Mandekic Companies for $18,175,000.
MTR Gaming owns a number of properties through subsidiaries with its primary source of revenue coming from Mountaineer Race Track and Gaming Resort in Chester, West Virginia. MTR also owns and operates Scioto Downs in Columbus, Ohio in addition to interests in several harness tracks and casinos. They will be opening Presque Isle Downs in Erie, Pennsylvania for thoroughbred racing as soon as possible after receiving final approval from the Pennsylvania Gaming Control Board.
The Speedway Casino transaction is subject to approval by the Nevada Gaming Commission and the City of North Las Vegas. Mandekic has one year (which can be extended an additional six months if necessary) to obtain the necessary approvals, after which the closing of the sale is expected to take place within thirty days. MTR indicated it expected to employ substantially all of the property’s employees. |
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