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Centaur seeks to auction Valley View license
Thursday, August 12, 2010 - by John Pawlak, the U.S. Trotting Association

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Columbus, OH --- Centaur, Inc., which holds the license to build Valley View Downs in Pennsylvania, has said it wants to auction the license to build the $455 million racino -- but there may not be enough time to sell it.

Centaur, which operates Hoosier Park and is currently in bankruptcy in an effort to restructure its debt, would need permission to sell from the court overseeing the bankruptcy, and from the Pennsylvania Harness Racing Commission, which would have to okay the extension of the license before it expires on Sept. 6.

Should the Sept. 6 deadline come and go it would plunge the license -- the last to be granted under Pennsylvania law -- into a grey area. Reportedly, it is not known what would happen if the license expired; there is no legal opinion as to whether the license could be granted to another entity or whether it would simply expire without the ability to resurrect it.

More than two years ago, Centaur won the racing license from the racing commission, but since then has been unable to put together a financing package -- which has meant the state’s gaming commission would not grant a gaming license. In turn, in a “Catch-22,” Centaur was unable to raise financing without having first been granted a gaming license.

Related Articles :
  • Centaur receives one month extension (Sunday, September 05, 2010)
    Centaur, Inc., which had sought a two-year extension of its license to build a harness racetrack in western Pennsylvania from the Pennsylvania Harness Racing Commission, received instead a one month extension to secure at least one bona fide written offer for the license.
  • Valley View auction set for Oct. 20 (Wednesday, October 06, 2010)
    Hopes to build the proposed Valley View Downs in Northwest Pennsylvania remain alive -- but not yet off the critical list.
  • American Harness Tracks wins bid for Valley View Downs license (Monday, October 25, 2010)
    A license to build a harness racetrack and casino in Lawrence County, Pa. has been tentatively won by American Harness Tracks, LLC, a company originally formed to build a harness track recently proposed in Johnstown, Pa.
  • Centaur’s former site approved (Tuesday, December 14, 2010)
    It now appears that a harness track and racino that Indiana’s Centaur had hoped to build in western Pennsylvania may be built after all, but not by Centaur.

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