OK, so we missed this when it went down almost two weeks ago, but…

CHESTER, WV – August 16, 2013 – 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or “MTR”) announced that its Board of Directors has received notice from Jacobs Entertainment, Inc. (“JEI”) that it has withdrawn its non-binding unsolicited proposal to the Board of Directors that the Company acquire JEI.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.

According to TheRacingBiz.com (which reported on this in a timely manner!), Jacobs had presented an unsolicited offer to MTR Gaming to sell that company the holdings of Jacobs Entertainment, Inc.  Those holdings include Colonial Downs and its network of off-track betting centers, two Colorado casinos, three Nevada casinos and 23 video poker truck stops in Louisiana (here).

Under the terms of the proposal, Jacobs would have sold his company to MTR Gaming for more than $144 million in MTR common stock.  That, coupled with the approximately 18 percent of MTR which he already owns, would have given him an estimated 60 percent ownership of the combined company.

MTR Gaming is comprised of Mountaineer Casino in West Virginia, Presque Isle Downs in Pennsylvania, and Scioto Downs harness track and slots facility near Columbus, Ohio.

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