Global Gaming LSP said May 16 it has finalization acquisition of Lone Star Park from MI Developments, ending a long delay in the company’s purchase of the Texas racetrack.
Terms of the deal were not disclosed. The Texas Racing Commission May 13 approved Global Gaming’s application for a racing license.
Global Gaming is owned by the Chickasaw Nation, which also purchased Remington Park in Oklahoma from Magna Entertainment Corp., whose properties were later absorbed by MID. Global Gaming in a release said Texas law requires majority ownership of a racing license be held by Texas residents, so Global Gaming will have a minority interest in the license.
The other group involved in the project is Texas Racing Partners.
“We’re eager to begin our efforts at Lone Star Park and re-establish its success in the (Dallas-Fort Worth) market,” John Elliott, chief executive officer of Global Gaming Solutions, parent company of Global Gaming LSP, said in a statement. “We have an excellent track record and commitment toward revitalizing racetracks, and we intend to pour our expertise into Lone Star Park as we have at Remington Park.”
“We are excited to partner with Global Gaming which has clearly demonstrated a commitment to the horse industry and brought it back to life in Oklahoma through its management of Remington Park,” said Ricky Knox of Texas Racing Partners. “I know everyone in the horse industry in Texas shares my enthusiasm about this sale and the potential to re-energize Lone Star Park.”
Global Gaming Solutions, one of 56 companies owned by the Chickasaw Nation, took over operations at Remington in 2010 and invested millions of dollars in improvements. Remington has gaming machines, which aren’t legal at Texas racetracks.
Elliott said Remington has increased attendance, gaming revenue, pari-mutuel handle, and food and beverage sales since Global Gaming took over operations.