According to reports, the Pennsylvania Harness Racing Commission approved new principals in the Valley View Downs project at its monthly meeting held on Thursday at Harrah's Philadelphia.
The racing commission approved the stock transfer of Valley View Down's assets from its previous ownership group, known as American Harness Tracks, to the new owner, Philadelphia-based Endeka Entertainment. The track is slated to be built in Lawrence County in northwestern Pennsylvania. American Harness Tracks had purchased the right to build the track from Centaur Inc. during that group's bankruptcy reorganization.
The approval of Endeka's ownership is conditional; it must demonstrate that it has access to at least $170 million in construction financing within the next two months. A story in the Pittsburgh Post-Gazette said the Endeka ownership group includes Philadelphia insurance executive Manuel Stamatakis, property developer Peter DePaul, and Edward Snider, chairman of Comcast Spectacor, which owns the Philadelphia Flyers.
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