MTR Gaming Agrees to Sell Speedway Casino
FEBRUARY 13, 2007. MTR Gaming Group, Inc. (NasdaqGS:MNTG) today announced that its subsidiary, Speakeasy Gaming of Las Vegas, Inc., has entered into a definitive agreement with Mandekic Companies, LLC to sell its Speedway Casino in North Las Vegas, NV for $18,175,000 in cash. The transaction is subject to customary conditions, including the approval of the Nevada Gaming Commission and the City of North Las Vegas.
Due diligence has been completed by the buyer and the closing is expected to take place within thirty days after the receipt of all required regulatory approvals, which the buyer must obtain within one year (but which the buyer may extend for up to six months). The buyer currently intends to re-employ substantially all of the property's employees after the closing.
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