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Monday, April 22, 2024

W.Pa. casino project seeks bankruptcy protection

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The Indianapolis-based company that is hoping to open a casino and racetrack in western Pennsylvania says its two subsidiaries in the state have filed for Chapter 11 bankruptcy protection.

Centaur LLC said Thursday it will continue to pursue the launch of Valley View Downs & Casino in Pennsylvania.

Chief Financial Officer Kurt Wilson says the company hopes that restructuring its debt will hasten progress on the Valley View property. The company says it submitted the filing Wednesday.

Centaur has a license to operate a harness racing license at the site, 45 miles northwest of Pittsburgh.

But its financing for the $400 million-plus project fell through last year, and the Pennsylvania Gaming Control Board doesn’t want to issue a slot-machine gambling license unless Centaur has the money to build it.

© 2009 Associated Press. Displayed by permission. All rights reserved.

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