Tribal subsidiary agrees to buy Remington Park

OKLAHOMA CITY (AP) — Officials from a subsidiary of the Chickasaw Nation said Thursday they have agreed to buy Remington Park, Oklahoma’s largest horse racing track.

Terms of the agreement between the tribal subsidiary, Global Gaming Solutions RP, LLC, and a subsidiary of the track’s current owner, Magna Entertainment Corp., were not disclosed, but according to documents filed Wednesday in U.S. Bankruptcy Court in Delaware, the sale price was $80.25 million.

The sale remains subject to a competitive bidding process and will require the approval of a bankruptcy court judge. Magna Entertainment has asked the court to shorten the time for objections to the proposed sale to be filed. If the motion is approved, any objections would have to be filed by Aug. 21 and a hearing on the proposed sale would be held Aug. 26.

A final auction could be scheduled for Sept. 8 and a final sale order could be approved by the end of September.

The Oklahoma Horse Racing Commission also would have to approve the deal and award Global Gaming Solutions RP a racing and gaming license. That process could be finished by year’s end.

Scott Wells, Remington Park’s general manager, said the best possible outcome was achieved.

Remington Park, which cost $94 million to build, opened on Sept. 1, 1988. Magna bought the track from the Edward J. DeBartolo Corp. in November 1999 and sunk $35 million into renovations after November 2004, when voters approved State Question 712, a ballot measure that allowed for the establishment of a casino at the track.

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