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The Chickasaw Nation emerged from Friday’s auction in New York as the designated buyer of Lone Star Park -- again.
This is the second time in 17 days that Global Gaming Solutions, which is owned by the Chickasaw Nation of Oklahoma, was successful at a bankruptcy auction in its efforts to purchase the Grand Prairie racetrack. At the first auction, on Oct. 7, Global Gaming’s bid of $27 million was accepted.But a week later, a U.S. Bankruptcy Court in Delaware approved a request by a committee representing Magna Entertainment creditors to reopen the auction. Magna Entertainment, Lone Star’s parent company, filed for bankruptcy in March. The request followed a $40 million offer by Penn National Gaming.At today’s second auction, Global Gaming Solutions again had the winning bid, but this time it was $47.85 million.“I think this gives the racetrack the best chance to thrive,” said Grand Prairie Mayor Charles England about the outcome of today’s auction. “I’m very pleased."The city owns the property. Lone Star has the license and leases the racetrack from the city’s sports Facilities Development Corp.A hearing is scheduled for next week where the Bankruptcy Court can approve the sale. It also is subject to approval by the Texas Racing Commission.Gary West 817-390-7760
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