State OKs Meadows Sale to Las Vegas Firm
If everything goes the way businessman William Paulos hopes, bettors could be dropping coins into 1,500 slot machines at The Meadows racetrack in Washington County by December. He took a step in that direction yesterday, as the state Harness Racing Commission approved the $225 million deal by which his company, Millennium Gaming Inc. of Las Vegas, will buy The Meadows from Toronto-based Magna Entertainment Corp. Mr. Paulos said he expects to close on the sale of the 43-year-old racetrack within 45 days.
Magna Entertainment will continue to operate the harness racing track. Mr. Paulos and his partner, William Wortman, own Millennium, and together with Oaktree Capital Management they have formed PA Meadows LLC. In July, work is to begin on a temporary slots building at The Meadows. Bids are now being taken, and the structure, which will house 1,500 slot machines, should be completed by December.
June 1, 2006
Posted By Bob Hartman
Staff Editor, CasinoGamblingWeb.com
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