Last month, MTR posted a second-quarter profit of $2.4 million, or $0.08 per share on net revenues of $132.3 million. That was up from a loss of $2.4 million, or $0.09 per share, for the same period of 2012.
Billhimer, named acting president in May after Jeffrey Dahl resigned, got the job permanently on Monday. He credited MTR's gains to the continued strength of Scioto Downs.
Net revenues at Mountaineer, however, were down more than 10 percent in the same period as the Northern Panhandle casino faced more competition for Ohio gamblers. For the same reason, Presque Isle's revenues were also down last quarter, by more than 11 percent over the previous year.
MTR can expect more competition from new properties in Ohio, including one in Youngstown, but the company said it believes it maintains a competitive advantage because it's a full resort, with entertainment venues, fine dining and a hotel.
Billhimer said the merger is good for MTR shareholders, who will have a cash election option of $5.15 per share for up to 5.8 million shares. The remaining shares will be exchanged for shares in the new company.
Eldorado stockowners will be issued 35.6 million shares, or approximately 55 percent of the total shares, in the new company.
The new combined company's shares will be valued at $5.15 per share. That's a 44 percent increase over MTR Gaming's closing stock price on Friday.