(Lone Star Park release)
Lone Star Park announced Sept. 15 that it has entered into an agreement with Global Gaming LSP, LLC of Ada, Okla., which is owned by the Chickasaw Nation, designating them as the stalking horse bidder in the sale of Lone Star Park at Grand Prairie. The terms of the agreement were not disclosed.
It is expected that the final auction for Lone Star Park will be conducted by mid-October in New York by Miller Buckfire & Co., Magna Entertainment Corp.’s financial advisor and investment banker.
As a stipulation of the agreement with Global Gaming LSP executed yesterday, Lone Star Park will operate under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware until the sale is completed.
Until the final closing on the sale of Lone Star Park, the track will continue to be operated by MEC.
“With this acceptance of a stalking horse bid, we can now move on to the next step in the process,” said Lone Star Park President and General Manager Drew Shubeck. “We continue to operate our Post Time Pavilion for daily simulcasting and are busy making preparations for the start of our 2009 Fall Meeting of Champions on Sept. 25. Today we will attend the Texas Racing Commission meeting to obtain approval for our 2010 racing dates, and we are actively preparing our 2010 business plan."
The sale of Lone Star Park is subject to the approval of the Texas Racing Commission.