New Presque Isle Downs CEO appointed
16 October 2006
CHESTER, West Virginia -- (PRESS RELEASE) -- MTR Gaming Group, Inc. (Nasdaq National Market:MNTG) today announced that Richard Knight has been appointed President, CEO and General Manager of Presque Isle Downs, Inc., a wholly-owned subsidiary of the Company.
Mr. Knight brings to MTR an impressive 20-year background in gaming. Mr. Knight was President and CEO at the Sands Hotel and Casino in Atlantic City, New Jersey and held Executive Vice President and COO positions with Hollywood Casino Corporation in Aurora, Illinois, Tunica, Mississippi and Dallas, Texas. He also held Senior Vice President, COO and Controller positions with Bally Manufacturing Corporation in Atlantic City and Chicago. Mr. Knight received Bachelor of Science degrees in Hotel Administration from the University of Nevada, Las Vegas, and in Business Administration from the University of Arkansas.
Mr. Knight signed a three year employment agreement with Presque Isle Downs, Inc. commencing on October 1, 2006. Pursuant to the terms of his agreement, and as an inducement to be employed by Presque Isle Downs, Inc., MTR's Compensation Committee granted Mr. Knight a 10 year option to purchase 40,000 shares of the Company's Common Stock at the price of $9.58 per share, subject to certain vesting and other provisions set forth in his employment agreement and a related option agreement.
Edson R. (Ted) Arneault, President and CEO of MTR Gaming Group, stated, "We are pleased to welcome Richard to the MTR team. As CEO of Presque Isle Downs, Inc., Richard's responsibilities will include continuing the development and, subject to applicable licensing requirements, supervising the operation of Presque Isle Downs in Erie, Pennsylvania and expanding the Company's competitiveness in the Erie area. We are confident that Richard's significant operating experience at various gaming properties will be a valuable asset to MTR."