|Global Gaming LSP, LLC Named Stalking
Horse Bidder in Lone Star Park Sale
On September 15, Lone
Star Park announced that it has entered into an agreement with Global
Gaming LSP, LLC of Ada, Oklahoma, which is owned by the Chickasaw Nation,
designating them as the stalking horse bidder in the sale of Lone Star
Park at Grand Prairie. The terms of the agreement were not disclosed.
It is expected that the final auction for Lone Star Park will be conducted
by mid-October in New York by Miller Buckfire & Co., MEC’s financial
advisor and investment banker.
As a stipulation of the agreement with Global Gaming LSP executed yesterday,
Lone Star Park will operate under Chapter 11 of the Bankruptcy Code in
the U.S. Bankruptcy Court for the District of Delaware until the sale
Until the final closing on the sale of Lone Star Park, the track will
continue to be operated by MEC.
“With this acceptance of a stalking horse bid, we can now move
on to the next step in the process,” said Lone Star Park President
and General Manager Drew Shubeck. “We continue to operate our Post
Time Pavilion for daily simulcasting and are busy making preparations
for the start of our 2009 Fall Meeting of Champions on Sept. 25. Today
we will attend the Texas Racing Commission meeting to obtain approval
for our 2010 racing dates, and we are actively preparing our 2010 business
The sale of Lone Star Park is subject to the approval of the Texas Racing