October 19, 2009
GRAND PRAIRIE, TX - Lone Star Park is back on the auction block after the sudden disintegration of an apparent purchase by the Chickasaw Nation of Oklahoma for $27 million.
Judge Mary Walrath of the U.S. Bankruptcy Court in Delaware ruled the property return to auction on October 23 after Penn National Gaming submitted a $40 million offer to Magna Entertainment, the former owner.
Magna asked the judge to accept the Penn offer, but she sided with the creditors that wanted to reopen the auction.
"I don't necessarily like it, but I understand it," said Mayor Charles England of Grand Prairie. "But we're going to live with whoever gets the racetrack."
Return to Texas Casinos.