Thread: Uncertainties for LSP, TDN deals // UPDATE: Chickasaw win..
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Old 10-26-2009, 07:54 AM
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Chickasaw win 2nd Lone Star bidding...


Tribe wins Lone Star bid
By Matt Hegarty

http://www.drf.com/news/article/108356.html

A company owned by the Chickasaw Nation on Friday prevailed in a second auction for the operating assets of Lone Star Park by outbidding Penn National Gaming Inc. for the Magna Entertainment-owned business, according to officials involved in Magna's bankruptcy.

Global Gaming Group, a wholly owned subsidiary of the Chickasaws, bid $47,857,000 for the assets, which includes a lease on the Dallas-area racetrack and its racing license, according to Magna's lead bankruptcy attorney, Brian Rosen. The property itself is owned by the city of Grand Prairie.

On Oct. 7, Global Gaming bid $27 million for Lone Star's operating assets in an auction in which it tendered the only bid, according to court papers. However, Magna's creditors' committee petitioned the bankruptcy court to reopen the bidding after Penn National informed Magna's bankruptcy advisors that it would be willing to pay $40 million for the assets.
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