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November 24, 2009

Centaur�s future appears brighter

By Nancy Lowry

Centaur officials wouldn�t say the �B� word. However, the company hopes to be out of bankruptcy by March.

Company executive Jeffrey Smith presented a positive picture for the future of Valley Downs when he met this week with the state Harness Racing Commission, according to Lawrence County Commissioner Dan Vogler.

�He spoke of what he called �corporate restructuring� and pointed out that General Motors was in bankruptcy for only 30 days before they came out,� Vogler said. �He doesn�t think Centaur will move that quickly. He said he�s looking at March.�

Vogler attended the harness racing commission meeting on Thursday and the state Gaming Control Board on Wednesday. He said Centaur was not discussed at the Gaming Control Board meeting, but reports from all of the racetrack license holders � including Centaur � are required by the harness commission. Other licensed harness tracks include The Meadows, Pocono Downs and Harrah�s Chester Casino and Racetrack.

�He said he was encouraged by what�s been accomplished since the filing,� Vogler said.

Vogler said he was glad to hear Smith report that potential lenders toured the 250-acre site of the proposed Valley View Downs and Casino in Mahoning Township.

�He didn�t say who (visited), he didn�t say when anyone was there, and he didn�t introduce anyone to the elected officials, but he said they were enthusiastic about the project,� Vogler said.

Developer Carmen Shick confirmed that �something is happening� at the site, which is located next to his business office.

�I did observe activity at the site,� Shick said yesterday.

He said he could not pinpoint the date but said it was since the Chapter 11 bankruptcy filing.

On Oct. 28, Valley View Downs and Centaur Pennsylvania Land Development filed for Chapter 11 bankruptcy in Delaware.

This is expected to help the parent company, Indianapolis-based Centaur, launch Valley View Downs and continue operations of its other facilities. They include Hoosier Park in Anderson, Ind., Fortune Valley Hotel and Casino in Central City, Colo., and three off-track betting operations in Indiana.

Centaur, which received a license to operate a harness track in 2007, proposed a $425-million development that features the state�s first mile-long race track.

Centaur defaulted on an almost $1 billion loan when the Gaming Control Board did not award the slots license by July 15, 2008. The company lost its financing following the collapse of the credit market.

Vogler added that Smith was asked what effect he thought the recent decision by Ohio voters to allow casino gaming would have on Centaur�s proposed track and casino.

�He said since the nearest Ohio casino would be in Cleveland, he didn�t think it would have much impact,� Vogler said. �He also said he believes it will be about two years until any Ohio casino is operational.�

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