Chickasaw Nation subsidiary has tentative agreement to buy Remington Park for $80.2 million
Global Gaming Solutions RP, a subsidiary of the Chickasaw Nation, has signed a tentative agreement to buy Remington Park racetrack and casino in Oklahoma from Magna Entertainment for $80.2 million.
GGS plans to pay cash for the track, which also operates 700 electronic gambling machines, if the deal is approved by a U.S. Bankruptcy Court in Delaware. The sale also must be approved by the Oklahoma Horse Racing Commission in order for GGS to obtain a license.
“If, in fact, this does transpire, we think this will be a very, very good thing for Oklahoma horse racing,” said Scott Wells, president and general manager of Remington Park.
He said he does not expect the sale to disrupt the track’s operations and racing schedule.
Global was one of three bidders for the track, which drew expressions of interest during bankruptcy proceedings from 48 entities. One bidder, which was not identified, subsequently dropped out.
It is still possible that other bidders could emerge. But if Global and the Chickasaws prevail the tribe said it will make several improvements and possibly add a hotel and other major facilities.
Remington Park was built by the Edward J. DeBartolo Corp. for about $87 million and opened in 1988. Magna bought it from DeBartolo in 1999 for $10 million.
Tribe close to buying Oklahoma track and racino
August 18, 2009