Centaur ready to sell Pennsylvania racetrack-casino project

August 11, 2010

The long-troubled Valley View Downs & Casino project northeast of Pittsburgh may be headed for the auction block.

The owner, Indianapolis-based Centaur LLC, said Wednesday it is asking a federal bankruptcy judge to approve bidding procedures to transfer ownership of Valley View Downs.

Centaur says it believes an auction is in the best interests of the community, horse racing, creditors and others.

Centaur received the state's last harness-racing license, which qualified it for a casino license. However, its project financing fell through in 2008 and it has since been unable to secure the casino license from state regulators.

Centaur began having trouble making debt payments on other properties last year and declared Chapter 11 bankruptcy in March.


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