NEWS
Chickasaw Nation frontrunner
to buy Lone Star Park
Posted: Tuesday, September 15, 2009 9:49 AM
by Frank Angst
The Chickasaw Nation hopes to purchase the lease to operate Lone Star Park for $27-million.
As part of the Magna Entertainment Corp. bankruptcy, Chickasaw subsidiary Global Gaming LSP has submitted a stalking horse bid for Lone Star Park. The $27-million stalking horse bid on Lone Star was accepted on September 14 and Global Gaming deposited 10% of that price into escrow.
In August, Global Gaming entered a stalking horse bid for Remington Park. That bid was not surpassed at a September 8 auction and Global Gaming is expected to be approved by the United States Bankruptcy Court District of Delaware and the Oklahoma Horse Racing Commission as the new owner of the Oklahoma City racino.
Unlike Remington, Lone Star currently only offers pari-mutuel wagering on live racing and simulcasts. Global Gaming paid $80.25-million for Remington’s racing and gaming operations.
Miller Buckfire and Co., which is marketing tracks for Magna during the bankruptcy, said seven buyers submitted non-binding indications of interest in Lone Star and five parties toured Grand Prairie, Texas track.
A motion submitted to the court on Tuesday outlined requirements for any bidders interested in submitting a higher bid than Global Gaming for the Lone Star operations. If additional qualified bids are submitted, an auction will be conducted on October 7 in New York.
In 2008, Lone Star handled approximately $275-million in wagers on live races and its simulcasts. Lone Star opened in 1997 and hosted the 2004 Breeders’ Cup World Championships.
Frank Angst is senior writer for Thoroughbred Times
