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Valley View Downs project in trouble

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August 08, 2008 Send To A Friend  | Print View

Published reports state the proposed Valley View Downs racetrack in Pennsylvania is in trouble and the development may be abandoned. Friday’s Pittsburgh Post-Gazette reported that lenders for the track’s parent company, Centaur Inc., will “push to abort (the) Pennsylvania racino project (and) get repaid early.” A Centaur spokeswoman confirmed to the newspaper that the company was negotiating with its lenders.

 

Centaur, which owns Hoosier Park as well as a casino in Colorado, planned to build a $430 million racetrack and casino in Lawrence County. Centaur closed on a $1-billion financing package last year to pay for the project, as well as others in Indiana and Colorado.

 

Centaur has already received a racing license from the Pennsylvania State Harness Racing Commission but has yet to receive a slots license from the state’s Gaming Board. If a license isn’t issued by July 2009, it could then be converted to a stand-alone casino license.


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