Lone Star Park Goes To Chickasaw Nation

 GRAND PRAIRIE, TX—OCTOBER 7, 2009—Global Gaming Solutions, a wholly owned enterprise of the Chickasaw Nation of Oklahoma, emerged from an auction in New York today as the buyer of Lone Star Park at Grand Prairie.

 The sale must gain approval of the Delaware bankruptcy court next week, however John Elliott, CEO of Global Gaming, believes and hopes that will largely be procedural.

Last month Global Gaming purchased Remington Park in Oklahoma City. Magna Entertainment, the parent company of both Lone Star and Remington Park, filed for bankruptcy in March.

Global Gaming made the initial "stalking horse," bid of $27 million for Lone Star. Penn National was expected to enter into bidding today, but without elaboration Elliott said their $27 million bid was accepted.

"We look forward to having a great relationship with the horsemen," Elliott said, "and with the city of Grand Prairie."

The transfer of the Lone Star license requires approval of the Texas Racing Commission and a state law requires that a majority ownership be Texan.

Elliott said his company has a plan to satisfy the requirement and that Global Gaming is eager to involve Texas horsemen.

Courtesy: Stallionesearch.com