Was this webbed earlier today? No
Sections: news, sports, business, top stories
RICHMOND, Va. -- The owner of the Colonial Downs thoroughbred track in Virginia wants to sell his company to West Virginia-based MTR Gaming Group Inc. in exchange for $144.5 million in MTR stock.
Chief executive Jeffrey Jacobs made the unsolicited offer to sell Colorado-based Jacobs Entertainment Inc. in a letter arguing the deal would help MTR diversify, the Richmond Times-Dispatch reported Tuesday.
MTR owns Presque Isle Downs & Casino near Erie, Pa., and Mountaineer Casino and Racetrack & Resort in Chester, W.Va. Last summer, it also began operating nearly 1,800 gambling machines at Scioto Downs Casino & Racetrack, a harness racing track near Columbus, Ohio.
Jacobs Entertainment runs casinos in Colorado and Nevada, and has other gambling interests in Virginia and Louisiana. Regulatory filings show it also currently holds about 18 percent of MTR's stock.