Financing for new Centaur casino collapses

September 17, 2008
A consortium of financiers led by Credit Suisse has turned down an attempt by Centaur LLC to build a $455 million harness race track near Pittsburgh, the company announced yesterday.

Centaur said it has immediately begun seeking an investment bank to help it move ahead with the $445 million project, called Valley View Downs.

"We believe there is tremendous value in launching Valley View," said spokeswoman Susan Kilkenny. "We're really going to look to our investment bank to guide us through that process."

The lenders had said financing for the project depended on Centaur's landing a license for temporary slot machines by July 15. The Pennsylvania Gaming Control Board has not acted on the request.

Centaur amended the $1 billion financing agreement to exclude Valley View but cover its two existing operations, Hoosier Park Racing & Casino at Anderson and Fortune Valley Hotel & Casino, which is west of Denver.

Centaur would not disclose the value of the revised financing package nor the amount of its investment in design and other efforts to launch Valley View.

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