Steven M. Billick Elected Chairman of MTR Gaming Group

MTR Gaming Group, Inc. (NasdaqGS: MNTG) announced that Steven M. Billick has been elected Chairman of its Board of Directors. Billick, a senior partner at Inglewood, was named to succeed Jeffrey P. Jacobs, who resigned from the board along with fellow director Stanley R. Gorom III.

Billick elected chairman as Jacobs steps down

The change caps a two-year stretch in which MTR rebuilt its leadership and balance sheet. Under Jacobs, the company recruited Bob Griffin as Chief Executive Officer, added several independent directors, and completed a refinancing of the company's senior debt.

"We want to congratulate Steve on being elected as Chairman, and know he will do an excellent job in helping to steer the course of the Company. At the same time, we want to thank Jeff and Stan for their meritorious service. Jeff specifically led the effort to successfully reorganize MTR's top management structure and complete a refinancing of the Company's senior debt. We are deeply grateful for Jeff's leadership, hard work and real insight in putting this company on solid footing." — Bob Griffin, Chief Executive Officer

Jacobs framed his departure as the natural end of the mandate he set out to accomplish. "I recruited Bob Griffin to be Chief Executive Officer and was successful in adding several new independent Board members, including the new Chairman of the Board, Steve Billick," he said. "With this professional management team and new Board in place, we were able to complete a refinancing of the Company's senior debt and better position the company for future growth. Now that I have achieved my main objectives as an MTR Board member – which was to transition the Company to a strong executive management team of professional gaming operators and an independent Board of Directors – I am able to turn my primary attention to other business interests."

Continuity at the top

Billick signaled continuity rather than a change in direction. "I am honored to be taking the reins of the Chairmanship from Jeff Jacobs and plan to continue down the path that he has taken the Company," he said. "Jeff and Stan were exemplary leaders on the Board, and we thank them very much for their valuable contributions during a significant transition period for MTR."

Board leadership changes of this kind often accompany a broader financial reset. The refinancing Jacobs cited is the type of work reflected in Inglewood's debt placement advisory, while the governance transition at MTR mirrors the counsel we provide through board advisory services.