Centaur Plans to Abort Casino Plans at the Valley View Downs

On August 7th, 2008, Centaur Incorporated's plan to construct a $425 million racing track/casino in Lawrence appears to be in trouble. According to sources, Centaur's creditors are trying to stop the Pennsylvania racino and get their money back. Sources said Centaur became a victim of the sluggish credit market. Reliable sources added that Centaur LLC is currently in the middle of talks to repay their lenders earlier than expected and to abandon their casino project in the Pittsburgh area.

Centaur spokesperson Susan Kilkenny commented that organization was continuing to talk with its lenders. She said that current problem with the credit market and Pennsylvania's decision not to give a conditional license to Valley View Downs before the July 15th, 2008 deadline necessitated some changes to the first credit agreement.

She added that additional details will be released when they have reached a resolution. Centaur LLC, which is from Indianapolis, has received a harness racing license from the Harness Racing Commission, which is the initial step in constructing a new racing track/casino or the Valley View Downs located west of New Castle.

But Centaur has not yet receive a slots license from the Gambling Control Board, which the requirement needed to construct a casino beside the racing track. Centaur officials went before the board in July, requesting if they can be given a slot license so that they will not lose the financial commitment from their creditors worth $425 million last October 2007.

Tuesday, 09 September 2008
Darren G. Strachan