According to reports, the Olds Ag Society is still looking to purchase land for its expansion project - which includes a racetrack - despite the province's moratorium on casino licenses
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The project, which is looking at building not only a racetrack and a 120-slot casino, is also expected to consist of a 100-room hotel, a restaurant and a convention centre. The Olds Ag Society is in discussions with possible investors on the new facility.
“We did meet with a group of investors one week ago today and they were very knowledgeable and very aware of the situation, and they did not seem deterred by the discussion,” OAS’s general manager, Tami Gardner told the Mountain View Gazette. “We are not deviating from the objectives and goals of the business plan. Because it is a five-year projection, we don’t feel present-day challenges will necessarily deter us from going forward.”
Officials with the Alberta Gaming and Liquor Commission confirmed to the Mountain View Gazette that the proposed harness racing-casino facility would fall under the ALGC moratorium.
Two applications were submitted prior to 2008, one of which came from the United Horsemen of Alberta. The UHA’s proposal included building a racino complex at CrossIron Mills.
According to its website, the UHA has indicated it couldn’t build a track on the land it still owns as the barns and a major road are in the way. That means between $60-$110 million will need to be raised for the project.
Alberta currently has three racino complexes – at Evergreen Park outside Grande Prairie, Northlands Park in Edmonton and Whoop-Up Downs in Lethbridge.
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