Texas Racing Commission Approves Lone Star Park Ownership Change
AUSTIN, TX—MAY 13,2011—The Texas Racing Commission on Friday approved a change of ownership of Lone Star Park. The new ownership group is Global Gaming LSP, a Texas limited liability company. Racing Partners of Texas, of which Texan Ricky Knox is the principal, has a 51 percent interest, and Global Gaming Solutions, a company held by the Chickasaw Nation Division of Commerce in Oklahoma, has a 49 percent interest.
Commission Chairman Rolando Pablos said, “The Commission is pleased to have formally considered this application. The members of this body understand like so many others the clear importance of Lone Star Park to the racing industry in Texas and to the City of Grand Prairie. We have been concerned about Lone Star Park and its future.
“The Commission believes the new owners have demonstrated a commitment to the track, to the industry and to Texans,” Pablos continued. “The Commission expects and looks forward to great things from the new owners and for Lone Star Park.”
The Commission’s action brings to a close activity related to the sale of the Class 1 horse race track in Grand Prairie, Texas.
The parent company of the license’s previous owner, Magna Entertainment Corporation, filed for bankruptcy in March 2009. The license was auctioned in October 2009 to Global Gaming, pending the Racing Commission’s approval.
Global Gaming LSP filed the change of ownership application on March 31, 2010. The applicant submitted the forms necessary for the Department of Public Safety to conduct a required background check on the same day.
The Commission notified the applicant that the application was administratively complete in July 2010 and was prepared to make its decision at a November 2010 meeting. However, at that time, the applicant asked that consideration of the ownership change request be removed from the November agenda. The Commission granted the request.
Following the Racing Commission’s approval, Lone Star Park issued the following statement from President and General Manager Drew Shubeck: “We are pleased to announce that the Texas Racing Commission has approved Lone Star Park’s license transfer to Global Gaming LSP, LLC. This approval could not have happened without the hard work and cooperation of many people working for Lone Star Park and the transition team of Global Gaming Solutions.
In Texas, pari-mutuel license transfers are time-consuming and complex, but our goals of fully cooperating with the Texas Racing Commission and a smooth, seamless transition for employees, horsemen and guests were our highest priorities throughout the process.
The next step will be to complete the transaction. On Monday, May 16, representatives from Global Gaming Solutions will finalize closing documents that will officially transfer ownership.
Many people will ask, “What will be different after the ownership change?”, and the short answer will be very little for the first few days and weeks. All employees and managers have been retained and all contracts will be honored, so we will all be rehired without termination. Over the months ahead everyone will start to notice projects that will benefit workers and customers of the Grandstand and Post Time Pavilion plus horsemen will notice building projects on the backside.
As you already know, the management team here at Lone Star Park values its loyal employees and is always ready to listen. It is especially important during times of transition to ask questions and to have open communication with your manager.
We promise straight answers and a bright future ahead as we continue to “Create Winning Experiences.”