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Global Gaming RP Sign Purchase Agreement for Remington Park Racetrack

Posted on: Fri, 14 Aug 2009 20:10:00 EDT

Symbols: MECAQ

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Ada, Oklahoma, Aug 14, 2009 (PRWeb.com via COMTEX) --
MECAQ | Quote | Chart | News | PowerRating -- Global Gaming RP, LLC, today announced that it executed an agreement on August 11, 2009 with a subsidiary of Magna Entertainment Corp. for the sale of Remington Park in Oklahoma City to Global Gaming RP, LLC. Terms of the deal were not disclosed.

The sale is subject to a competitive bidding process and requires the approval of the United States Bankruptcy Court for the District of Delaware. It is expected the court will approve a modified bidding procedures order in the next two weeks with a final auction scheduled for September 8 and a final sale order being approved by the end of September. The sale is conditional on the usual closing conditions. It is anticipated that the sale will be closed by year end upon the approval of the purchaser for a racing and gaming license from the Oklahoma Horse Racing Commission.

The purchaser, GG RP,LLC, is owned by the Chickasaw Nation (www.chickasaw.net) which has significant business operations in Oklahoma, Texas and other states.

"We are pleased that Remington Park will return to Oklahoma ownership and that the park has significant further potential to contribute to the horse industry and the economy of the state," said John Elliot, chief executive officer of Global Gaming Solutions, (http://www.globalgamingsol.com/) the parent company of GG RP. "We look forward to continuing the operations of Remington Park without disruption to the staff or horsemen supporting Remington Park and to working with them to improve the quality of the operation."

The acquisition continues the expansion of Global Gaming Solutions, LLC, parent of GG RP, through the acquisition of commercial racing and gaming assets.

About Remington Park

Remington Park is Oklahoma City's only racetrack and casino, located at the junction of Interstates 35 & 44, in the heart of the Oklahoma City Adventure District. For more information, reservations and group bookings please call (405) 424-1000, (866) 456-9880 or visit www.remingtonpark.com

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Read the full story at http://www.prweb.com/releases/2009/08/prweb2755864.htm.

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