“This is a business that thrives on competition (Casino Resorts). For 24 hours a day, seven days a week, the strip hosts the most violent competition in business in America.” – Steve Wynn.
If you need another sign to believe that legal gaming is coming to Texas, this one comes with neon lights. Oklahoma based Global Gaming LSP, LLC owned by the Chickasaw Nation, is the rumored to be the front runner to buy a controlling interest in Lone Star Park. Yes, this is the same Chickasaw Nation that owns the Winstar World Casino 90 miles away in Thackerville, Oklahoma. So why would the Chickasaw Nation buy a beleaguered horse track in Grand Prairie, Texas? First and foremost, Global Gaming sees the writing on the wall. Texas will legalize gambling and soon. Second, it gives Global Gaming a seat at the table, so it can ante up during the next legislative session and have a say on what kind of gambling will be allowed. Third, owning Lone Star Park will give Global Gaming strategic options. Global Gaming may choose to continue its efforts on growing its Thackerville casino or shift its focus to building a competing facility in heart of one of the largest metropolitan markets in the United States. However, if Global Gaming wins its bid in bankruptcy court, it will be faced with a conundrum. Global Gaming has already invested substantial capital in its Thackerville casino with a brand-new 12-story, 395-room multi-million dollar hotel. On the other hand, there is no question that a Dallas based casino operation would attract a much larger audience of gamers. If Global Gaming wins its bid to buy Lone Star Park and when Texas legalizes gambling, be prepared for another Red River Rivalry, this time between the Oklahoma legislature and the Texas legislature on who can build a bigger and better casino.
Adam W. Vanek
214.998.1365
adam.vanek@tiptonjoneslaw.com
http://www.tiptonjoneslaw.com/bio-adam-w-vanek
Adam is a former international banking officer for a FORTUNE Global 500 investment bank and focuses his legal practice representing entrepreneurs and small to middle market businesses in contracts, litigation and government matters. Adam was recently named 2009 Texas Rising Star by SuperLawyers magazine.
