Centaur, LLC announced today that it has reached an agreement with its lending group to amend the terms of its $1 billion financing package.
The amended credit facilities will provide for the continued operation of Centaur's properties at Fortune Valley Hotel & Casino in Colorado and Hoosier Park Racing & Casino in Indiana, which has enjoyed the strongest casino opening in Indiana's history.
As part of the amended agreement, Centaur and its senior lenders have agreed to return the funds raised last fall to finance the development of Centaur's Valley View Downs racino project in Lawrence County, Pennsylvania. Within the next two weeks, Centaur expects to engage an investment bank to assist in evaluating strategic alternatives for the Valley View Downs project.
The terms of the October 2007 credit agreements required Centaur to obtain a gaming license from the Pennsylvania Gaming Control Board (PGCB) by July 15, 2008. The PGCB has not yet approved Centaur's gaming application to accompany the harness racing license granted to Valley View in September 2007.
"We have made a significant investment of time, talent and resources in this project, and we remain fully committed to doing everything in our power to ensure that the Valley View project is built at its current location," said Centaur chairman an CEO Rod J. Ratcliff.
"Centaur believes Valley View is still the premier racino development site, and we will continue to work diligently to bring this project to fruition. The residents of Western Pennsylvania have been extremely supportive of our efforts, and we are eager for them to benefit from the economic stimulus that this racino project will provide to the community."
(Centaur LLC)