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Merger with Ohio track OK’d

Friday, April 11, 2003 | 9:26 a.m.

CHESTER, W.Va. -- West Virginia-based MTR Gaming Group Inc. announced today that the Ohio State Racing Commission has approved its purchase of an Ohio harness racing track.

MTR announced in December it had agreed to purchase Scioto Downs Inc. near Columbus, Ohio, for $19 million.

The company said final approval is still subject to the licensing of officers and MTR employees, the filing of a report with the commission when the merger agreement is finalized and other governmental approvals.

MTR has said the merger could be completed by this summer. When complete, Scioto would be a wholly owned MTR subsidiary.

"The merger will enable us to capitalize on our combined management strength and mutual understanding of the market to further build Scioto's business and produce improved operating results," said Ted Arneault, MTR's president and chief executive officer.

MTR also owns a casino in North Las Vegas.

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