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21.05.12

Valley View Downs can't seem to catch a break.

And yet it seems to keep catching on with new investors.

First, the bad news: Just weeks after the developers behind the proposed Lawrence County racetrack casino said they were nearly ready to apply for a casino license with the Pennsylvania Gaming Control Board, casino giant Penn National Gaming has received permission from Ohio gaming officials to open a racetrack in nearby Youngstown, Ohio.

That move, should it come to pass, could cost the long-stalled Valley View Downs racetrack $40 million in annual revenue, according to a 2011 study.

The news out of Ohio came just days in advance of the monthly Pennsylvania Harness Racing Commission meeting, scheduled for Thursday, and amid talks in Harrisburg that American Harness Tracks has found new investors to replace the stable of owners who bought Valley View Downs out of bankruptcy from Indianapolis-based Centaur Inc. 17 months ago.

A group of investors calling themselves American Harness Tracks LLC won the rights to the troubled Valley View Downs project at Centaur's October 2010 bankruptcy auction, paying $5.6 million. Prior to the purchase, the ownership group comprised real estate developers John and Bob Biros, former bar owner Daryl W. Price and Pittsburgh attorney Charles Knoll, son of the late Lt. Gov. Catherine Baker Knoll.

Source: Pittsburgh Post Gazette

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