Bankruptcy to spur Lawrence County, Pa., harness track, owner says
ZZVWL | Quote | Chart | News | PowerRating -- Although it's an unusual way to build confidence in a project, the developer of the proposed Valley View Downs harness track in Lawrence County says the company's bankruptcy may help move the project ahead.
Jeffrey Smith of Centaur Racing told the state Harness Racing Commission yesterday the bankruptcy will give Centaur a few additional months to restructure its financing for the project. He said the company hopes to be out of bankruptcy by March.
The company has received a harness license, but financing problems have delayed approval of a casino license for a proposed $425 million development along Route 422, Mr. Smith said.
The bankruptcy filing, made last month, is "part of a corporate restructuring," and helps preserve $50 million that Indianapolis-based Centaur needs to pay a one-time fee for a Pennsylvania slots license, he said.
"This is not a liquidation," he said. "It's a restructuring that will let us move forward with the Valley View Downs project. We are anxious to get it up and running."
Valley View, which is strongly supported by Lawrence County officials, would be the fourth and final Pennsylvania harness track, after The Meadows in Washington County and tracks near Chester, Pa., and Wilkes-Barre.
Mr. Smith said that potential lenders "are touring the site. They are enthused about the project."
Lawrence County Commissioner Dan Vogler, who attends every Harness Commission and Gaming Board meeting to keep tabs on the project, said he was glad to hear lenders were checking out the site.
The harness commission has given Centaur until early September 2010 to complete the harness track and begin racing. It usually takes more than 10 months to build a track, but if Centaur can show progress by March in arranging the financing, the commission might grant an extension on the deadline. It already has extended the deadline once.
The Harness Commission asked Mr. Smith about Ohio's recent move to legalize slots casinos in four locations: Cleveland, Columbus, Cincinnati and Toledo. He said the Cleveland casino location will be the closest one in Ohio to the Valley View Downs site, and said he's glad that Ohio at least isn't going forward with an alternate plan to put casinos at two racetracks in Cleveland.
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