Racetrack Developer Loses Gaming License In New Mexico

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The state of New Mexico was looking forward to the tax revenue that would come from a new racetrack and casino in Raton. On Tuesday, however, the plans for that facility were put on hold by the New Mexico Gaming Control Board.

The Board voted to revoke the license issued to racino owner Michael Moldenhauer because the developer missed a deadline to have a temporary casino up and running. Moldenhauer claims the casino was set to open in a tent in less than a month.

In addition to the Control Boards decision, the New Mexico Racing Commission is expected to revoke the racing license at a meeting on May 19th. In New Mexico, it is not legal to operate a racetrack without a casino. Moldenhauer is planning on appealing the ruling.

The developer claims that he has been hard at work to bring the racino to Raton for six years. He commented on how he did not understand why the Gaming Board would shut down the project at this late stage in the game.

The Board members, while rendering their decision, spoke of how they had expected to see tax revenue from the facility for quite some time, and how the developer has not filed necessary paperwork that was required to move the project forward.

The state will now begin the process of searching for another developer for a new racino. A strong possibility exists that other areas of New Mexico will again attempt to win the license. The Raton racino was expected to bring in customers from both Texas and Oklahoma.

May 5, 2010
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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