Ted Arneault stepping down as MTR Gaming's front man

According to a variety of sources Ted Arneault will at the end of the year step down as chairman and chief executive officer of MTR Gaming. Recall I've written before of MTR Gaming, as they are the company which operates the Mountaineer Casino and Racetrack to my north in Chester, WV. Despite the good fortune which allowed the Chester based casino to open first a poker room and then later full casino gaming, and what would appear to be record crowds the greater corporation conglomerate has continued to see declining profits. In fact when a company reports in its 2007 annual report that it lost $11.4 million, well that tends to suggest a losing session. At least that's what I'd tend to call it. Heck, I lose $11.40 in an online session and I feel like a failure, but I digress.

Read the rest of the coverage here:

http://news.bloodhorse.com/viewstory.asp?id=44461

It must be pointed out that MTR has "unloaded" a number of its other properties already in an attempt to focus on more of its closer-to-home properties, right here in the hills of West By God Virginia. I hope the move leads to greater stability for both MTR and the region's gambling as a whole. We'll just have to stay tuned.

Ted Arneault has held the CEO spot of MTG Gaming now for 13 years. Oddly enough that was always a lucky number for me. MTR and Mr. Arneault seem to be a bit tight lipped on additional details of his departure from the company. Regardless though, in the interest of good karma, I wish the man well... it's a tough market for the unemployed. : )

Sorry this is about as serious as I get on the journalistic front gang. If you came here looking for cutting edge reporting, boy is your search engine outa whack!

Regards,

cheer_dad

MTR closes another sale in Vegas

According to the Associated Press, in a story picked up by the Houston Chronicle, http://www.chron.com/disp/story.mpl/ap/fn/5452536.html. MTR Gaming has closed the sale of yet another of their Las Vegas properties.

This time the Chester, WV based company has sold the property "...owned by its Speakeasy Casino in North Las Vegas for about $11 million..." to Ganaste LLC . Oddly enough the gambling operations have been sold separately to Lucky Lady D LLC for nearly $7 million, while Speakeasy Gaming Inc, will continue to operate the gaming operations onsite under the terms of a short term lease. Of course all of this is contingent upon approval by the Nevada Gaming Commission.

As has been reported previously MTR, is selling off it's other properties in order to focus on newer, growing markets, particularly on its touted "flagship property" in Chester, WV Mountaineer Racetrack & Gaming Resort.

Regards,

cheer_dad

Status on proposed sale of Binion's by MTR Gaming Group

From the article on The Times West Virginian courtesy of the Associated Press:

"CHESTER — The Nevada Gaming Control Board has approved MTR Gaming Group’s plan to sell its Binion’s Gambling Hall & Hotel in Las Vegas.

The plan unanimously approved Wednesday now goes before the Nevada Gaming Commission for consideration.

If approved, the $32 million cash deal with TLC Casino Enterprises should be completed by February.

MTR also has a North Las Vegas property under contract for sale.

The company decided to sell its Nevada properties so it could concentrate on holdings in West Virginia, Pennsylvania and the Midwest.

Last month MTR launched casino-style table games at its flagship property, Mountaineer Casino, Racetrack & Resort in Chester.

The company also has interests in Michigan, Minnesota, Pennsylvania and Ohio."

Note that the Mountaineer Casino, Racetrack and Resort in Chester, WV is identified as the "flagship property," and that the sale of Binion's would allow MTR to further concentrate on holdings in WV, and PA, and the Midwest.

We've made it north to Wheeling Island, gang, but we're yet to drive the additional 45 minutes to behold the Mountaineer and all it's gambling goodness. If the casino and its ownership continues to receive newswire nods, I think it's our duty to make the trip...and soon. Okay, maybe after next weeks trip to Las Vegas!!!

Regards,

cheer_dad

Drum roll please!

According to reports in less than 10 minutes, the dice will roll, and the cards will be dealt from the shoe, at Chester, WV's Mountaineer Casino, Racetrack & Resort. According to the news release on their site: http://mtrgaming.com/news/07/12_19_07.html, the West Virginia Lottery Commission gave them the go ahead to go live with full casino gaming on Thursday, December 20th. The ribbon cutting will be at 10:00am.

As more is posted, I'll let you know!

Regards,

cheer_dad

MTR Gaming article

Article found on The Intelligencer. Wheeling News-Register...
http://www.theintelligencer.net/page/content.detail/id/501943.html
Discusses losses by MTR Gaming, the parent company of the Mountaineer Racetrack and Casino in Chester, WV. However, it should be noted losses can be attributed to expansion. Also, it is mentioned that a bright spot for the company is the addition of the poker tables at the Chester location. And the company is already considering adding additional tables to their already 37 table room! Very cool. But nothing the rest of us didn't already realize would happen.

Regards,

cheer_dad

You guessed 'er Chester!

Sweet news from fellow blogger and poker enthusiast.
I thought it was worthy of repeating!
I've bolded and italicized the most important part to me.

Regards,

cheer_dad

Poker for Charity
from Rivers Edge Poker Club by wolfe
All below comes directly from MTR Gaming site. They run the track in Chester, WV.
This is posted here directly to help the proxy impaired.
09/03/07
FOR RELEASE: IMMEDIATE
CONTACT: TAMARA PETTIT
DIRECTOR OF PUBLIC RELATIONS
304-387-8335(OFFICE) 304-479-8097(CELL)

CHESTER, WV – Three Hancock County charities will be the recipients of proceeds from two charity nights featuring Texas Hold ‘em poker at Mountaineer Race Track & Gaming Resort. The Weirton Area United Way, New Cumberland United Church Social Service and the Upper Hancock United Fund will sponsor two nights of Texas H’ld’em poker on October 15 and 16. For a donation of $25, those attending will enjoy a complimentary cocktail hour before being seated at a $10 to $20 limit Texas Hold’em game for two hours of competitive fun. Each participant will receive $500 in play money which will be exchanged for non-value gaming cheques. Prizes will be awarded every ten minutes.
The event will debut Mountaineer’s newest gaming entertainment as well as its new Poker Room located in the Grandstand Area Trackside. The event will also serve as a practice run for the newly trained dealers in preparation for the soon-to-be – announced official opening of the Poker Room.
The Weirton Area United Way will host the October 15 event which begins with complimentary cocktails and hors d’oeuvres at 7 p.m. with Texas Hold’em from
8 p.m. – 10 p.m. The New Cumberland United Church Social Service and the Upper Hancock United Fund will host the event on October 16 with cocktails and hors d’oeuvres at 8 p.m. and Texas Hold’em from 9 p.m. – 11 p.m.