Jacobs reports 15.6% stake in MTR Gaming

By Lisa Kerner

Charlotte, N.C., Aug. 4 - MTR Gaming Group, Inc.'s largest shareholder, Jeffrey P. Jacobs, reported that as of Aug. 1, all of the equity securities of Gameco Holdings, Inc. were transferred by Jacobs, the Jacobs Family Control Trust, the Jacobs Family Economic Trust, the Richard E. Jacobs Revocable Trust and the Richard E. Jacobs Irrevocable Trust to Jacobs Investments, Inc., a Delaware corporation engaged in owning and managing various investments.

Jacobs, elected to MTR's board in May, beneficially owns 4,289,532 shares, or 15.6%, of the Chester, W.Va.-based gaming company's outstanding stock.

On July 2, Jacobs said he was interested in purchasing up to $5 million worth of MTR stock from company president and chief executive officer Edson R. Arneault prior to Jan. 15, 2009.

Jacobs offered to pay a premium of 25% above market price with a minimum of $6.25 and a maximum of $10.00 per share.

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