Best Online Gambling Casinos

Gambling news

Centaur LLC Refuses to Comment on the Issue of Lender Meetings

On August 6th, 2008, the officials of Centaur LLC, the operator of the Valley View Downs racing track under construction in Lawrence County, decided not to comment on a report that they have entered meetings to pay back lenders early and would stop its casino development. Spokeswoman Susan Kilkenny said that Centaur is continuing to talk with their lenders to modify their credit facility.

The current problem regarding the credit market and the decision of the Pennsylvania Gaming Control Board not to give the Valley View Downs a conditional licensed on July 15th, 2008 necessitated modifications to the first credit agreement. She added that the guessing publicly on the result of the discussion will not do any good on the whole process. So they will refrain from giving comments until the whole thing is resolved.

The Valley View Downs is located on Route 422 near the Ohio border. It is expected to be one of the 7 racinos of Pennsylvania. Centaur possess a license from the Pennsylvania Gaming Control Board to manage a racing track at the site, but it needs to possess a slots gambling license before it can start the operation of the casino portion of the project.

The commitment of the investors to finance the casino project were set to end on July 15th, 2008 and Valley View Downs had place in a petition asking for the Gambling Control Board to give Valley View Downs a conditional license before completing the background investigation and suitability hearing.

On July 11th, 2008, the Pennsylvania Gambling Control Board dismissed that request, which forced the casino gaming operator to start new negotiations with their lenders. Sources said that Centaur is talking with its creditors about an agreement for early repayment of the loans.

Such an agreement could involve the organization selling their racing track license. Doug Harbach, the gaming control board spokesperson said that the gaming board had not received additional petitions from Centaur that modify its status as an applicant for a casino gaming license.


21 August 2008
News Submitted by:
Jack Silverman

Sharing Options | Digg this article! Sharing Options | Submit to

Our Sponsor

© Gambling 365