MTR Gaming Group Inc. (MNTG), which owns and operates Mountaineer Casino, Racetrack & Resort in Chester, West Virginia; Presque Isle Downs & Casino near Erie, Pennsylvania; and Scioto Downs in Columbus, Ohio, announced that its Chief Executive Officer Robert Griffin resigned from his position.
Griffin left the company to join an executive position at Trump Entertainment Resorts. MTR Gaming has already initiated the search for a successor. During the search period, Chairman of the Board Steven M. Billick will continue as the interim CEO.
Shortly after the departure of Robert Griffin, Chief Financial Officer David Hughes also resigned. Management said Executive Vice President of Finance John Bittner will assume Hughes’ duties. Hughes has agreed to help with the transition over the next 90 days.
Griffin had started at MTR Gaming in November 2008 by replacing longtime MTR President Ted Arneault.
Trump Entertainment is a holding company that owns and manages its own casinos/hotels in Atlantic City, New Jersey. At Trump Entertainment, Griffin will succeed former CEO Mark Juliano and is expected to assume responsibility in late October or early November. Griffin has 30 years of experience in the casino and hospitality business. He had served his new company earlier, having held senior management positions at Trump Marina from 1992 to 1998.
MTR Gaming reported its second quarter earnings in early August. The company’s loss from continuing operations was 2 cents per share, versus a penny in the year-earlier quarter. During the second quarter, net revenue also dropped 8% year over year to $111.6 million. The company is scheduled to release its third quarter earnings on November 1. MTR Gaming currently retains a Zacks #3 Rank (‘Hold’).
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