Until today, news surrounding Centaur LLC's attempts to get the proposed Valley View Downs racino in Pennsylvania on the right track had been relatively cold. Reports out of the state now indicate that another company may be
putting forth bids for the project.
Via release, the company has stated that it has applied to the Pennsylvania Harness Racing Commission for a bidding process to take place in which the ownership of the Valley View Downs would be up for auction.
The Centaur release appears below.
Centaur filed a motion with the bankruptcy court on August 10 to authorize and approve bidding procedures for an auction to transfer ownership of Valley View Downs, LP. To expedite the project’s completion, Centaur has determined that it is in the best interest of the local community, horseracing, creditors and all interested parties to move forward in this manner.
“We appreciate there is a strong sense of urgency to launch this project. While we were optimistic we could emerge from the restructuring process by late summer, the additional required time has contributed to an expansion of our direction,” said Kurt Wilson, Executive Vice President and CFO of Centaur.
Wilson continued, “As we considered a wide range of strategic alternatives and vigorously sought a joint venture partner or additional investors since September 2008, this course of action best serves the varied interests and demonstrates our continued commitment to doing everything possible to advance Valley View Downs.”
Valley View Downs has requested an extension of time to begin live racing from the Pennsylvania Harness Racing Commission (PHRC) and awaits the opportunity to present its proposal to the PHRC. No presentation date has been set at this time.
“The best and fastest way to get this project up and running as quickly as possible is to prepare for an orderly transition by cooperating fully with the commission and court system, ensuring appropriate protocol is followed,” said Wilson.
The motion is subject to approval by the court, and Centaur has requested this matter be heard on August 25. If the motion is approved, a time line of activities would be developed.