CHESTER, W.Va. — MTR Gaming Group, which owns Mountaineer Racetrack and Casino in Chester, is merging with Eldorado Resorts of Reno, Nevada.
The new company will be called Eldorado Resorts Inc. and will be a publicly traded company. Eldorado announced the stock merger Monday.
MTR operates three casinos including Mountaineer in Hancock County and one each in Pennsylvania and Ohio. Mountaineer has been struggling in recent years with competition from newer casinos in those two states.
Eldorado is controlled by the Carano family, which built the original Eldorado Resort in downtown Reno 40 years ago. Under the agreement, Eldorado will own 55 percent of the stock in the new company.
CEO Gary Carano said in a report on RGJ.com the merger gives his company an opportunity to expand out of northern Nevada.
“Look at the map of the U.S. We’ll have properties in Nevada, Louisiana and three states in the East. It begs to have something in between. That’s exciting.”
MTR named Joseph Billhimer president and COO Monday.