(Edited release)
Global Gaming Solutions RP, LLC executed an agreement Aug. 11 with a subsidiary of Magna Entertainment Corp. for the sale of Remington Park to Global Gaming Solutions RP, LLC. Terms of the deal were not disclosed.
The sale is subject to a competitive bidding process and requires the approval of the United States Bankruptcy Court for the District of Delaware. It is expected the court will approve a modified bidding procedures order in the next two weeks with a final auction scheduled for Sept. 8 and a final sale order being approved by the end of September. The sale is conditional on the usual closing conditions. It is anticipated that the sale will be closed by year end upon the approval of the purchaser for a racing and gaming license from the Oklahoma Horse Racing Commission.
The purchaser, GGS RP, is owned by the Chickasaw Nation, which has significant business operations in Oklahoma, Texas, and other states. GGS RP said that it is pleased that Remington Park will return to Oklahoma ownership and that the park has significant further potential to contribute to the horse industry and the economy of the state. The acquisition continues the expansion of Global Gaming Solutions, LLC, parent of GGS RP, through the acquisition of commercial racing and gaming assets. GGS RP said it looks forward to continuing the operations of Remington Park without disruption to the staff or horsemen supporting Remington Park and to working with them to improve the quality of the operation.