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July 10, 2008

Casino license may come Thursday

By Nancy Lowry

A conditional slots casino license may be awarded tomorrow to Valley View Downs.

Under Pennsylvania law, developers who have been awarded a racing license may request and receive a temporary license for the accompanying casino, said Richard McGarvey of the state’s gaming control board.

McGarvey would not say if the decision has been made.

“They could get the license, or the commission could say it is not yet ready to make an award,” he said.

The board will meet at 11 a.m. in the State Museum auditorium at 303 North St., Harrisburg. The meeting is open to the public.

In the spring, Valley View requested a temporary casino license be granted because of financing considerations. At the commission’s May 15 meeting, conducted in Mahoning Township, Centaur officials urged the board to make a swift decision adding that their funding may be in jeopardy if no slots license is awarded by July 15.

Centaur proposes constructing a $428 million racetrack/casino complex in Mahoning Township. Financing was secured last fall after the harness track license was awarded. Delays in awarding the slots license may put that funding at risk.

Centaur has pursued a harness racing license for five years. Earlier this year it asked the commission to expedite its slots license application review process. They said delays could not only affect its financing in the deteriorating credit market but also will deprive the state of revenues it could obtain through the track and casino operations.

According to court papers, Centaur obtained financing last fall under favorable terms which are no longer available. However, these terms obligated Centaur to meet certain developmental milestones, which included obtaining the slots license by July 15.

Since then, the petition stated, credit markets have further deteriorated. The likelihood of obtaining favorable alternative financing is slim.

They add that subsidiaries of Centaur — including 5 percent of Valley View’s shareholders — have passed regulatory scrutiny and received racing and/or gaming licenses in Colorado, Indiana and Pennsylvania where Centaur and Valley View Downs obtained a harness racing license on Sept. 5, 2007.

According to its petition, if the gaming board determines “licensing standards of another jurisdiction ... are comprehensive and provide similar safeguards ... the board may issue a slot machine license to an applicant who holds a slot machine license in ... other jurisdictions” and if the licensee provides evidence of suitability and financial capability.

Centaur also noted it is “ready, willing and able” to pay the $50 million slots licensing fee required by the commission.

Lawrence County’s commissioners will be attending tomorrow’s meeting along with the county administrator and Mahoning Township supervisors.

The local elected officials will be present to encourage the commission to award the gaming license to Valley View.

“Centaur felt our presence might be helpful at the meeting,” Commissioner Dan Vogler said. “We want everyone to know that local officials support the racetrack and casino.”







Gaming board sets three hearings

Valley View Downs will participate in one of three hearings scheduled for the Pennsylvania Gaming Control Board tomorrow.

Valley View and its parent company, Centaur Inc., are seeking a conditional slots license in order to preserve funding secured last fall.

The session, at 11 a.m. in the State Museum auditorium at 303 North St., Harrisburg, is open to the public.

Also before the board will be PITG Gaming, the Don Barden North Shore casino project in Pittsburgh. Construction there stopped June 30 because of financing concerns. Barden is expected to present his refinancing plan and may request board approval to delay some construction, including riverfront development and an amphitheater.

The third hearing will be the request of The Meadows in Washington County. Casino operators there are appealing the requirement that chairs be attached to slot machines.

According to Richard McGarvey, a spokesman for the gaming control board, that regulation stems from a fire in a western casino. Fleeing patrons knocked chairs into the aisle, impeding the exit of others, he explained.

“This was a safety concern,” McGarvey said. “Pennsylvania and New Jersey now require that chairs be attached to slot machines.”

He said the attachment is key-activated and chairs may be detached if a handicapped patron, in his or her own chair, makes the request.

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