Chickasaw subsidiary offers bid for racetrack
TRIBESOfficials hope to seal deal next week on Dallas area Lone Star Park
BY RANDY ELLIS
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Published: October 24, 2009
A subsidiary of the Chickasaw Nation submitted a high bid of about $47.8 million Friday to apparently once again win the assets of Lone Star Park racetrack near Dallas in a bankruptcy court auction do-over.
Officials with Chickasaw Nation subsidiary
Global Gaming LSP LLC thought they were going to be awarded the track earlier this month with a bid of $27 million, but a
Delaware bankruptcy judge ordered a new auction after ruling that an affiliate of
Penn National Gaming Inc. had been wrongfully excluded from the bidding process.
Global Gaming once again emerged as the high bidder Friday following a spirited bidding process that lasted nearly three hours, a spokeswoman said. The bankruptcy judge still must sign off on the sales agreement to seal the deal — an event expected to take place sometime next week.
Before Friday’s bidding, Global Gaming filed an appeal of the judge’s decision to reopen the bidding process.
Company officials indicated that appeal may be dropped if the sales agreement is approved.
Lone Star Park is a pari-mutuel horse racing track located in
Grand Prairie,
Texas, about 12 miles west of Dallas.
The Chickasaw Nation is headquartered in Ada and is the 13th largest federally recognized tribe in the
United States.
It has more than 38,000 citizens, including about 21,000 in
Oklahoma. The tribe operates more than 60 businesses, including 15 gaming facilities.
Another Chickasaw subsidiary recently purchased
Oklahoma City’s
Remington Park horse racing track and casino for $80.25 million as part of the same
Magna Entertainment Corp. bankruptcy case.
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