MTR Gaming Group Receives Notice of Withdrawal of Proposal to Acquire Jacobs Entertainment, Inc.

MTR Gaming Group Receives Notice of Withdrawal of Proposal to Acquire Jacobs Entertainment, Inc.

CHESTER, W. Va.--(BUSINESS WIRE)-- MTR Gaming Group, Inc. (NasdaqGS: MNTG) (the "Company" or "MTR") announced that its Board of Directors has received notice from Jacobs Entertainment, Inc. ("JEI") that it has withdrawn its non-binding unsolicited proposal to the Board of Directors that the Company acquire JEI.

Prior to JEI's withdrawal, the Board of Directors, in consultation with its financial and legal advisors, reviewed and carefully considered JEI's proposal, and, as previously disclosed, the Board of Directors continues to review strategic initiatives for the Company with the assistance of its financial advisor. The Company has not set a definitive timetable for completion of its review and evaluation process and there can be no assurances that such review will result in any transaction being announced or completed. The Company does not intend to provide updates or make any further comment until the outcome of such review is determined or until there are significant developments.


About MTR Gaming Group

MTR Gaming Group, Inc. is a hospitality and gaming company that through subsidiaries owns and operates Mountaineer Casino, Racetrack & Resort in Chester, West Virginia; Presque Isle Downs & Casino in Erie, Pennsylvania; and Scioto Downs in Columbus, Ohio. For more information, please visit www.mtrgaming.com.

Forward-Looking Statements

Except for historical information, this press release contains forward-looking statements concerning, among other things the prospects for improving the results of our operations at Mountaineer, Presque Isle Downs and Scioto Downs, including the successful operation of video lottery terminals at Scioto Downs. Such statements are subject to a number of risks and uncertainties that could cause the statements made to be incorrect and/or for actual results to differ materially. Those risks and uncertainties include, but are not limited to, the impact of new competition for Mountaineer, Presque Isle Downs and Scioto Downs (including casino gaming and video lottery terminals in Ohio), the successful integration and operation of video lottery terminals at Scioto Downs, the effectiveness of our marketing programs, the enactment of future gaming legislation in the jurisdictions in which we operate, changes in, or failure to comply with, laws, regulations or the conditions of our gaming licenses, accounting standards or environmental laws, including adverse changes in the gaming tax rates that the Company currently pays in its various jurisdictions, general economic conditions, disruption (occasioned by weather conditions or work stoppages) of our operations, our ability to maintain or improve our operating margins, our continued suitability to hold and obtain renewals of our gaming and racing licenses, our ability to fulfill our obligations and comply with the covenants associated with our various debt instruments and/or our ability to obtain additional debt and/or equity financing, if and when needed, and other factors described in the Company's periodic reports filed with the Securities and Exchange Commission.The Company does not intend to update publicly any forward-looking statements, except as may be required by law. The cautionary advice in this paragraph is permitted by the Private Securities Litigation Reform Act of 1995.

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For Additional Information, Please Contact:
MTR Gaming Group, Inc.
www.mtrgaming.com
John W. Bittner, Jr.
Executive Vice President and Chief Financial Officer
(724) 933-8122
Jbittner@mtrgaming.com

KEYWORDS:   United States  North America  West Virginia

INDUSTRY KEYWORDS:

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