CLN OWNER JACOBS ENTERTAINMENT OFFERED TO MOUNTAINEER GAMING FOR $144.5 MILLION

Jeffrey Jacobs, whose company, Jacobs Entertainment Inc., owns and operates Colonial Downs and casinos in northern Nevada and in Colorado, has offered to sell his company to MTR Gaming Group Inc. (MNTG) for $144.5 million.

Jacobs Entertainment already owns 18.3% of MTR Gaming Group.

In suggesting that MNTG take over his company, Jacobs stated he believes the West Virginia-based casino operator needed “to diversify the geography of its business as a result of additional competition in its current markets.”

MRT Gaming Group operates the Mountaineer Casino Racetrack and Resort in West Virginia, the Presque Isle Downs Racetrack & Casinos in Erie, Pennsylvania, and Scioto Downs harness track and slots facility near Columbus, Ohio.

Being offered by Jacobs are the Gold Dust West casinos in Reno, Carson City and Elko, Nevada; the Gilpin Casino and The Lodge Casino in Blackhawk, Colorado, Colonial Downs race track and off-track betting sites in Virginia, and a slots route in Louisiana.

In the non-gaming area, Jacobs Entertainment developed and operates the Nautica Entertainment Complex in Cleveland, Ohio.