ADA, OK – A local Native American Tribe confirms that it is trying to buy two horse racing tracks that recently filed for bankruptcy. Shelby Levins spent Wednesday afternoon with business leaders from the Chickasaw Nation after they officially expressed their interest to acquire Remington Park in Oklahoma City and Lone Star Park in Grand Prairie Texas.
“The tribe has done a lot of the state of Oklahoma, I think the reputation of the tribe speaks for itself,” said John Elliott.
Elliott is the Chief Executive Officer of Global Gaming Solutions. The company is completely owned by the Chickasaw Nation and operates a wide range of businesses, from Winstar Casino in Thackerville to Health Care Centers in Ada. Now the company and the Chickasaw Tribe are looking to add two more business to its list of assets.
“Remington Park is a property we feel is undervalued and with our expertise we could improve it so it would be a strong asset to be owned by the tribe,” Elliot explained.
But Global Gaming Solutions and the Chickasaw Nation aren’t just looking at the Remington Park. The tribe also plans to bid on another one of Magna Entertainment Corporation’s bankrupt tracks - the Lone Star Park located in Grand Prairie Texas
“It's a premium asset in the racing industry,” said Elliott. “It's in a fabulous location in Texas, and if Texas gets gaming at some point it would be a good platform to play from.”
But Elliott said Wednesday just marks the beginning of the bidding process for the two properties.
“This is a court driven process because the ownership is in Chapter 11,” Elliott explained.
Elliott says nothing is definitive yet, but he doesn’t want his company or the tribe to walk away empty handed. He says returning the ownership of Remington Park back into the state of Oklahoma would be a huge asset to the Sooner State and both parks would greatly benefit the Tribe.
“Everything the nation does and everything the businesses of the nations do, those monies are either reinvested in the business themselves, or they are used to provide services for the Chickasaw people,” Elliott said.
July 31, 2009 is the deadline for filing an exact bid for the two race tracks. Global Gaming Solutions says they should know by Fall whether they will become the new owners.