Centaur receives one month extension
September 5, 2010,by John Pawlak, the U.S. Trotting Association
Columbus, OH — This past Friday, 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.
If such an offer is received and the bankruptcy court approves the offer, the term of the extension will switch to Dec. 31, by which time the buyer would be vetted by the Commission, which would determine whether the approved buyer was fit to operate the racetrack.
Centaur, currently operating in a bankruptcy to reorganize its finances, is seeking permission from both the Commission and bankruptcy court to sell the rights to develop Valley View Downs, a one-mile track and racino that would be located in Lawrence County, Pa.
The Commission also decided that the track would be site-specific — thus could only be built in Lawrence County.
Centaur first received the license in 2007 but has been unable to obtain financing for the $425 million project, which hinged on the awarding of a gaming license from the Pennsylvania Gaming Commission — which the Gaming Commission did not award because it said Centaur had not obtained financing.
- Centaur, LLC files for bankruptcy (Monday, March 08, 2010)
Centaur, LLC and certain of its subsidiaries, including Hoosier Park Racing and Casino, Fortune Valley Hotel and Casino and additional Valley View Downs and Casino entities, have elected to file voluntary bankruptcy petitions under Chapter 11 of the U.S. Bankruptcy Code.
- 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.
- Valley View auction set for Oct. 20 (Wednesday, October 06, 2010)
Hopes to build the proposed Valley View Downs in Northwest Pennsylvania remain alive — but not yet off the critical list.
- 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.