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Mountaineer Casino, Racetrack and Resort part of merger agreement

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MTR Gaming Group, the parent company of Mountaineer Casino, Racetrack and Resort in Chester, W.Va., has agreed to a stock merger with Eldorado Resorts, LLC.

Gary Carano will be named CEO of the combined company.

The transaction is expected to be closed mid-2014 and is subject to regulatory and closing conditions being satisfied and approval by MTR Gaming stockholders.

"We are excited to announce this transformative transaction, which creates a new gaming platform with a diversified portfolio across the country," said Carano through a statement. "Our strong balance sheet will allow us to take advantage of future growth opportunities as the gaming industry continues to consolidate. In addition, we are thrilled to partner with the team at MTR Gaming, who have done a tremendous job in developing and operating the MTR portfolio. We believe that the MTR Gaming management team will be a significant part of our success going forward."

The new company will operate six properties in five jurisdictions, with 9,968 slot machines and video lottery terminals, 283 table games and 3,282 hotel rooms.

Based on the transaction value of $5.15 per share, the combined new company will have a pro forma enterprise value of approximately $1 billion.

In addition to the Mountaineer properties in Chester, MTR also owns and operates Presque Isle Downs & Casino in Erie, Pa. and Scioto Downs in Columbus, Oh.

Eldorado Resorts is an owner and operator of gaming properties in Nevada and Louisiana.  Eldorado Resorts' properties include Eldorado Reno, Eldorado Shreveport and Silver Legacy, a joint venture with MGM Resorts International.