Tulsa World: Tribal subsidiary wants to buy Lone Star Park

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Tribal subsidiary wants to buy Lone Star Park
Majority ownership of a racing license must be held by Texas residents.

By AP Wire Services
Published: 9/16/2009 2:26 AM
Last Modified: 9/16/2009 4:38 AM

OKLAHOMA CITY (AP) — A Chickasaw Nation subsidiary said Tuesday it has agreed to buy Lone Star Park for $27 million from the bankrupt owner of the horse racing track in Grand Prairie, Texas.

According to documents filed Monday in U.S. Bankruptcy Court in Delaware, Global Gaming Solutions LSP LLC will pay for the track.

John Elliott, the CEO of Global Gaming Solutions, said the Ada-based tribe intends to run the track without disruption.

According to Texas law, majority ownership of a racing license must be held by Texas residents, so Global Gaming would have a minority ownership interest in the license. The licensing process could take six months.

Lone Star Park's current owner is Magna Entertainment Corp. The Canadian company, which is the largest horse track owner in the U.S., filed for Chapter 11 bankruptcy protection on March 5.

Another Chickasaw tribal subsidiary, Global Gaming Solutions RP, is in the final stages of buying Remington Park in Oklahoma City from Magna Entertainment for $80.25 million.

The Chickasaw Nation has made no secret of its interest in buying both Remington Park and Lone Star Park.

"We always approached it from the standpoint that we wanted both of them and saw synergies between them," Elliott said. "We see enormous entertainment value in both these tracks."

Unlike Remington Park, which has a casino, Texas law does not allow for that sort of gambling at racetracks. Elliott said the tribe would like to see that changed. By AP Wire Services

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