Puerto Rico's El Comandante to Get VLTs
Updated: Wednesday, June 9, 2004 4:15 PM
Posted: Wednesday, June 9, 2004 4:15 PM
The Puerto Rican government has granted approval for up to 6,000 video lottery terminals to be placed at El Comandante Racetrack and its approximately 700 off-track betting outlets on the island.
El Comandante is owned by Equus Gaming Company, a publicly-traded partnership with Thoroughbred and entertainment interests in Latin America and the Caribbean. The VLT law earmarks 15% of the net win generated from VLTs to go as commissions to the respective OTB agencies and an additional 15% for the purse account. The balance will be split between the VLT operator and El Comandante.
Equus Gaming said in a press release it is expected VLTs will provide sufficient revenue to fund the interest and principal repayment on approximately $60 million of racetrack first mortgage bonds which had been in default for the past two years.
El Comandante is accepting proposals from established gaming companies to install and operate VLTs.
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