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The Chickasaw Nation of Oklahoma, for the second time in a little more than two weeks, has made what appears to be the winning bid to purchase Lone Star Park.
Global Gaming Solutions, a wholly owned enterprise of the Chickasaw Nation, successfully bid $47.85 million for Lone Star at Friday’s bankruptcy auction in New York. Magna Entertainment, Lone Star’s parent company, filed for bankruptcy in March.At the first auction, on Oct. 7, Global Gaming’s bid of $27 million was accepted. But a week later, after Penn National Gaming indicated it would bid $40 million for the Grand Prairie racetrack, a U.S. Bankruptcy Court in Delaware approved a request by a committee representing Magna Entertainment creditors to reopen the auction.The reopened auction was held Friday. And again Global Gaming made the winning bid."I think this gives the racetrack the best chance to thrive," Grand Prairie mayor Charles England said. "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.The Bankruptcy Court can approve the sale Wednesday. The transfer is also subject to approval of the Texas Racing Commission.State law requires that a majority of the racetrack’s ownership be Texan. John Elliott, the chief executive officer of Global Gaming, has said the company will satisfy that requirement. Global Gaming also will be supportive of Texas horsemen’s efforts to legalize video lottery terminals at the state’s racetracks, Elliott said.The Chickasaw Nation owns and operates several casinos in Oklahoma, including WinStar in Thackerville.Gary West, 817-390-7760
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