facebooktwitterRSS
- Advertisement -
  • Most Commentedmost commented up
  • Most Emailedmost emailed up
  • Popularmost popular up
- Advertisement -
 

« News Home

Proposed racino takes giant step toward reality



Published: Wed, September 14, 2011 @ 12:04 a.m.

By Mary Grzebieniak

news@vindy.com

NEW CASTLE, Pa.

The proposed $150 million racetrack/casino development off U.S. Route 422 in Lawrence County took a giant step toward becoming a reality this week.

American Harness Tracks, LLC met a Sept. 12 deadline by providing the Pennsylvania Harness Racing Commission with proof they have financing commitments for the project as well as a fully executed management contract, Lawrence County commissioners said Tuesday.

The Harness Racing Commission had set the Sept. 12 deadline as a condition for transferring the harness racing license held by the project’s former owners to American Harness Tracks.

Merit Management of Chicago, headed by New Castle native Joseph Canfora, was given a contract to manage the facility which developers say would provide 1,000 permanent full-time jobs and 1,200 construction jobs.

The commission will now review the documents and could take action on the harness racing license at its Sept. 29 meeting.

No special meetings are planned before then, commissioners confirmed Tuesday.

Earlier this month, county commissioners gave a shot in the arm to the project by announcing their formation of a unique partnership with the track developer by pledging up to $50 million to the development from future gaming revenues the county would receive from the “racino” under state law.

The private/public partnership is the first of its kind in Pennsylvania and possibly the first in the nation, according to the county’s investment banking and brokerage firm.

Proof of financial commitments to the project is a major step because the loss of initial financial commitments and failure to obtain new financing contributed to the bankruptcy of Valley View Downs and its parent company, Centaur of Indianapolis, and resulted in the eventual bankruptcy sale of the project to American Harness Tracks, a Pittsburgh firm.

Once the harness racing license is transferred, the project must also obtain a gaming license for casino slots from the Pennsylvania Gaming Commission before it can become a reality.


Comments

Use the comment form below to begin a discussion about this content.


News
Opinion
Entertainment
Sports
Marketplace
Classifieds
Records
Discussions
Community
Help
Forms
Neighbors

HomeTerms of UsePrivacy StatementAdvertiseStaff DirectoryHelp
© 2014 Vindy.com. All rights reserved. A service of The Vindicator.
107 Vindicator Square. Youngstown, OH 44503

Phone Main: 330.747.1471 • Interactive Advertising: 330.740.2955 • Classified Advertising: 330.746.6565
Sponsored Links: Vindy Wheels | Vindy Jobs | Vindy Homes | Pittsburgh International Airport