MTR Gaming Group, Inc. (NasdaqGS: MNTG) today announced Jeffrey P. Jacobs and Stanley R. Gorom III resigned from the Board of Directors of MTR Gaming Group, Inc.  Steven M. Billick was elected by the Board to replace Mr. Jacobs as Chairman.

 

"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,” said Mr. Griffin.  “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.”

 

"My duties as Chairman of the Board of MTR Gaming have occupied much of my time over the last two years and we have accomplished a great deal," said Mr. Jacobs.  “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.  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.”

 

"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," said Mr. Billick.  "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."