Report: Harrah’s, Park Place may bid for casino operator

Friday, Sept. 20, 2002 | 11:02 a.m.

MTR Gaming Group Inc. may be a takeover target as the casino and racetrack operator's shares have slid 50 percent since May, Business Week reported today, citing Dresdner Kleinwort Wasserstein analyst Ryan Worst and newsletter editor Charles LaLoggia.

Based in Chester, W.Va., MTR is a likely acquisition candidate because of its low valuation and the fact that gambling companies want to expand into "racinos," places where racetracks are combined with slot machine casinos, Business Week said, citing LaLoggia, editor of the Superstock Investor, a newsletter that focuses on takeovers.

Likely acquirers include Harrah's Entertainment Inc. and Park Place Entertainment Corp., LaLoggia said, Business Week reported in its "Inside Wall Street" column.

MTR Chief Executive Edson Arneault told Business Week he hasn't received any bids and the magazine said he wouldn't discount them if he did.

Besides its big West Virginia operations, MTR owns the Speedway casino in North Las Vegas.

archive