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Gambling.co.uk: Gambling News Archive
Major Investor Back Tracks On Lawrence County Casino
Tuesday 13th May 2008
Stephen Gilbert and his companies MH Investors Gaming and MH Equity Managing have applied for their application to be co-owners of the proposed Valley View Downs development to be withdrawn. While the $429 million casino and racetrack venture is still going ahead, it seems that Gilbert and his backers have decided against taking a direct equity stake.
This leaves the way clear for Centaur Gaming to take full control of the venture although the $1 billion funding which they recently secured from Gilbert and his companies is still on the table. While the Gaming Control Board have yet to rule on the withdrawal application there seems little chance of them holding Gilbert to his earlier pledge.
On the surface there are some observers suggesting that Gilbert has changed his mind due in the main to the state of the economy, but if this was the case why would he still provide the funding?
The truth is that while there are risks providing finance and being part owner of a casino / racetrack venture, the finance side is probably more than enough risk at this stage of the economic and industry cycle. It will be interesting to see if Gilbert and his backers decide to take a stake at a later stage.
Source:
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