Valley View auction set for Oct. 20
October 6, 2010,by John Pawlak, the U.S. Trotting Association
Columbus, OH — Hopes to build the proposed Valley View Downs in Northwest Pennsylvania remain alive — but not yet off the critical list.
The developer, Centaur Gaming, has announced it has received multiple bids for the land it owns and for the right to apply for what will be the final license to operate a harness racing meet in the state.
After having been granted the license by the Commission in 2007, Centaur Gaming was unable to obtain a Pennsylvania casino gaming license because its financing package with Credit Suisse Bank fell through — and then it was unable to gain new funding because Centaur didn’t hold a gaming license and because the capital markets had faltered in the recession of 2008. Centaur filed for bankruptcy to reorganize its finances earlier this year.
The judge presiding over Centaur’s bankruptcy proceedings in Maryland now has until Oct. 20 to determine whether any or all of the bids are viable. If any or all the bids are deemed viable the winning bidder will have an exclusive right to apply for the Valley View license between that date and Dec. 31, 2010.
If the judge says no viable bids were received the license would be taken back by the Harness Racing Commission and the license-granting procedure would be reopened, statewide.
- Centaur seeks to auction Valley View license (Thursday, August 12, 2010)
Centaur, Inc., which holds the license to build Valley View Downs in Pennsylvania, has said it wants to auction the license to build the $455 million racino, but there may not be enough time to sell it.
- Centaur receives one month extension (Sunday, September 05, 2010)
Centaur, Inc., which had sought a two-year extension of its license to build a harness racetrack in western Pennsylvania from the Pennsylvania Harness Racing Commission, received instead a one month extension to secure at least one bona fide written offer for the license.
- American Harness Tracks wins bid for Valley View Downs license (Monday, October 25, 2010)
A license to build a harness racetrack and casino in Lawrence County, Pa. has been tentatively won by American Harness Tracks, LLC, a company originally formed to build a harness track recently proposed in Johnstown, Pa.
- Centaur’s former site approved (Tuesday, December 14, 2010)
It now appears that a harness track and racino that Indiana’s Centaur had hoped to build in western Pennsylvania may be built after all, but not by Centaur.