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MTR Gaming Subsidiary Corrals 90% Interest in Michigan Racetrack
CHESTER, W.Va. -- Jackson Racing Inc., a new wholly owned subsidiary of MTR Gaming Group Inc., has signed a definitive agreement to acquire a 90% interest in Jackson Trotting Association LLC, a limited liability company that operates Jackson Harness Raceway in Jackson, Mich., according to a news release from MTR Gaming.MTR Gaming owns Mountaineer Race Track & Gaming Resort here, among other properties, the release states."We are enthusiastic about proceeding with this transaction," said Edson R. "Ted" Arneault, president and chief executive officer of MTR Gaming. "This racetrack fits well with our growth strategy to build and acquire other middle-market parimutuel businesses in areas with the potential for expanded gaming legislation, thus further expanding and leveraging our operations and expertise. We look forward to working with the track's existing management and employees to take Jackson Harness Raceway to the next level."Live harness racing is conducted mid-April through mid-June at the Michigan track, and simulcasting with pari-mutuel wagering is available year-round. Jackson is located approximately 35 miles from Lansing, 40 miles from Ann Arbor, 60 miles from Detroit, and 70 miles from Toledo, Ohio, the release said.The acquisition is subject to certain terms and conditions, including the approval of the Michigan Racing Commission and the sellers' option to reduce Jackson Racing's interest to 80% under certain circumstances, according to the release.MTR Gaming Group, Inc., through subsidiaries, owns and operates the Mountaineer Race Track & Gaming Resort in Chester, W.Va.; Scioto Downs in Columbus, Ohio; the Ramada Inn and Speedway Casino in North Las Vegas, Nev.; and Binion's Horseshoe Hotel & Casino in Las Vegas, which MTR operates jointly with an affiliate of Harrah's. MTR also holds a license, for which judicial review is pending, to build Presque Isle Downs, a thoroughbred racetrack with pari-mutuel racing in Erie, Pa., the news release said.Visit MTR Gaming Group Inc.: www.mtrgaming.com "