Pennsylvania Gaming Board Denies Temporary Slots License for Valley View Downs

On July 10th, 2008, the Pennsylvania Gambling Control Board denied a request to give a condition slots license to the Valley View Downs racetrack in Lawrence County, forcing the officials of the Valley View Downs to go back to its creditors for new talks. Valley View Downs, which is a subsidiary of Centaur LLC, had filed a petition asking the Gambling Control Board to give them a conditional slots license before the completion of a background investigation and suitability meeting.

Investor commitments to help with the project will expire on July 15th, 2008. These investors have given their commitment to give $455 million as part of the bigger financing arrangement involving other properties of Centaur. Centaur spokesperson Susan Kilkenny commented that they are still discussing with their creditors about making a solution that would allow the Valley View Downs project to move forward.

Gambling board spokesperson Richard McGarvey commented that the decision of the board does not set aside that an application can be given a go signal in the near future but rather say that a background investigation must first be accomplished before any decision is made. The slots gambling license is important before Valley View Downs can formally start operation. Valley View Downs receive a license to operate a racing track at the site, which is still under construction.

Tuesday, 29 July 2008
Alex Van Der Butz