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Deadline Approaches for Valley View Downs Casino Group

Right now is the deadline by which the would-be developers of Valley View Downs, the star-crossed racetrack and casino planned for Lawrence County, are supposed to demonstrate that they have sufficient financing out there to ultimately begin construction.

But so far, there has been no white smoke in the Philadelphia-based investment group referred to as Endeka Entertainment, establishing a achievable up-down vote around the future of your project in the March 22 meeting of the state Harness Racing Commission.

On Jan. 25, Endeka attorney James A. Doherty III sent a letter towards the harness commission claiming the group had made “substantial progress” in lining up no less than $170 million in financing, and requesting an extension to formalize the financing agreement. 3 days later, the harness commission granted a 45-day extension, noting that additional extensions are “discretionary and not unlimited.”

Previously, the commissioners delegated the ability to extend the deadline, plus the capability to refuse more extensions, for the harness racing commission’s executive director. Having said that, the commission would still need to vote on irrespective of whether to revoke, and retake possession of, the license.

The Harness Racing Commission didn’t return calls and emails seeking comment Wednesday. Mr. Doherty couldn’t be reached, either.

For now, Endeka holds conditional rights to make a harness track to the west of New Castle, which in turn conveys the proper to apply for any potentially profitable casino license.

But when the harness commission were to revoke the harness license, the rights for the casino would likewise be up inside the air.

The Valley View Downs project has been troubled in the start out, enduring several ownership alterations and 1 bankruptcy considering the fact that it was proposed in 2002. The newest ownership group acquired the rights for the project in October 2012. The group consists of Philadelphia insurance executive Manuel Stamatakis and Edward Snider, chairman of Comcast Spectacor, which owns the Philadelphia Flyers.

 
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