CHESTER, W.Va. -- A 25-year veteran of the casino and racing industry will become MTR Gaming's new president and chief executive officer.
Robert F. Griffin will replace Ted Arneault on Jan. 2, unless an earlier date is agreed to, MTR's board of directors announced today.
Mr. Arneault has led MTR for the past 13 years and was instrumental in winning state and local approval to create casino-style table games at its Mountaineer Casino, Racetrack & Resort in Chester, and to build Presque Isle Downs & Casino in Erie, Pa.
MTR Gaming also owns or has interests in tracks in Ohio, Michigan and Minnesota.
Mr. Griffin oversaw 16 casino and racing venues in the United States, Grand Bahamas and the United Kingdom while serving as senior vice president of operations for Isle of Capri Casinos Inc.
The board said it has granted Mr. Griffin a 10-year option to purchase 150,000 shares of MTR's common stock at an exercise price equal to the stock's close on Sept. 19, which was $3.71.
A package to compensate Mr. Arneault for a smooth transition and his "marketing and government relations" was expected to be announced at a later date, the company said.
MTR Gaming stock fell 12 cents, or 3.6 percent, to $3.20, in mid-day trading today on the Nasdaq.