Global Gaming Signs Tentative Deal To Buy Remington Park
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Global Gaming's Deal For Remington Park
Subject To Bankruptcy Court Approval |
Global Gaming Solutions RP LLC (GGS), a subsidiary of the Chickasaw Nation tribe, has "signed a tentative agreement to buy" Remington Park in Oklahoma City from Magna Entertainment Corp. (MEC) for $80.25M, according to Randy Ellis of the DAILY OKLAHOMAN. The deal is "subject to approval by a Delaware bankruptcy court and contingent on a higher and better bid not being received at a final bankruptcy bidding opportunity" scheduled for September 8. MEC in a court filing this week told the court that GGS "intends to pay cash." Remington Park President & GM Scott Wells said track officials have been "very impressed by the enthusiasm and vision" of GGS officials. Wells added that he "doesn't expect any disruption in Remington Park's operations and horse racing schedule if Global Gaming is selected as the winning bidder." Ellis notes the Oklahoma Horse Racing Commission will "have to approve the deal in order for Global Gaming to obtain an operating license." GGS CEO John Elliott said that he is "cautiously optimistic that no new bidding competitors will emerge." Elliott added that Chickasaw Nation and GGS are "looking forward to making improvements to Remington Park, if they win the bidding process." Chickasaw Nation Gov. Bill Anoatubby had previously said that the tribe has "talked about later adding a hotel and making other major improvements" at the track (DAILY OKLAHOMAN, 8/14). The THOROUGHBRED TIMES' Frank Angst noted Chickasaw Nation "currently owns the WinStar World Casino in Thackerville, Oklahoma," and is "interested in purchasing the lease to operate Lone Star Park, which also is available" in the MEC bankruptcy (THOROUGHBREDTIMES.com, 8/13).
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