Next On The Auction Block, Valley View Downs

Pennsylvania’s last harness racing license is on the auction block, leading state regulators concerned over the future of the license and the project.

Centaur, owns the licenses associated with the Valley View Downs track and casino however has been unable to raise the finances needed to build the proposed $455 million facility.

To make matters worse, Centaur has had trouble making debt payments on other properties and entered bankruptcy as a way to restructure finances and hold onto the license.

The license is set to expire on September 6, leaving little time for Centaur to sell the property or the state’s Harness Racing Commission time to legally revoke the license. An extension could be granted to by more time, however regulators are concerned about granting an extension without knowing who the new owner would be.

These issues have resulted in Centaur asking the bankruptcy judge to grant a motion putting the project up for auction, which could transfer the Pittsburg tracks ownership and license to the highest bidder.