Robert F. Griffin has been announced as the successor to Ted Arneault as president and chief executive officer of MTR Gaming Group, the company announced Sept. 23.
Griffin brings to MTR more than 25 years of experience in the gaming industry, most recently as corporate senior vice president of operations for Isle of Capri Casinos, where he was responsible for operations of 16 casinos and racing facilities in the United States, Grand Bahamas, and the United Kingdom. Griffin will assume his new duties on January 2, 2009, or such earlier date to which the parties may agree, according to a news release.
“Ted and his staff have done an excellent job building a regional market gaming company, driving revenue growth and developing a strategic direction for the future,” Griffin said in the release. “I … look forward to leading MTR Gaming Group as we optimize operational excellence, focus on service strategies and improve shareholder value."
MTR Gaming said it is working with Arneault on agreements to facilitate a smooth transition. The company said it expects to conclude those agreements in the near future.
“I think Bob’s operational expertise is a great strategic fit with the current management team and will provide MTR with the best management team to maximize its unique position in its gaming markets,” Arneault said in the release.
The company said it has granted Griffin a 10-year option to purchase 150,000 shares of its common stock at an exercise price equal to the Nasdaq official closing price on Sept. 19,
MTR Gaming Group includes among its holdings Thoroughbred racinos Mountaineer Casino, Racetrack & Resort in Chester, W. Va., and Presque Isle Downs & Casino in Erie, Penn.
In afternoon trading on the Nasdaq board, MTR Gaming shares were down 3% to $3.22.