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#1
10-14-2009, 11:28 AM
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Uncertainties for LSP, TDN deals // UPDATE: Chickasaw win..
Matt Hegarty joined me Wednesday to talk the first story (2nd below) and related issues, but the Lone Star development is new today...
 Disagreement on Lone Star bid By Matt Hegarty http://www.drf.com/news/article/108068.html A company owned by the Chickasaw Nation that has made a $27 million bid to buy Lone Star Park in Texas from the bankrupt racetrack operator Magna Entertainment has asked the court overseeing Magna's reorganization to refuse to recognize a $40 million bid made by Penn National Gaming Inc. for the track, according to court documents made public on Wednesday. Magna asks for new auction dates By Matt Hegarty http://www.drf.com/news/article/108047.html Harrah's Entertainment, which reached the deal to purchase Thistledown in early September, has notified Magna that it believes that the deal can be scuttled because the Ohio Supreme Court recently ruled that slot machines could not be installed by Ohio racetracks until voters are offered the opportunity to approve the devices. According to the note, Harrah's sent a letter to Magna officials on Sept. 23 asserting that the ruling "gives it a right to terminate its purchase agreement," but the company has so far elected not to scuttle the deal "without waiving its right to terminate in the future." Harrah's officials did not respond to requests for comment on Monday.
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All ambitions are lawful except those which climb upward on the miseries or credulities of mankind. ~ Joseph Conrad A long habit of not thinking a thing wrong, gives it a superficial appearance of being right. ~ Thomas Paine Don't let anyone tell you that your dreams can't come true. They are only afraid that theirs won't and yours will. ~ Robert Evans The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command. ~ George Orwell, 1984. 
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