Golden Gaming Cancels its Casino Bid at Kansas Speedway

On May 14h, 2009, Golden Gaming Incorporated will cancel its bid with the Kansas Lottery to develop a casino facility at Kansas Speedway. The Las Vegas-based gaming organization’s general counsel informed the state lottery by phone that Golden Gaming would withdraw its $660 million bid, according to Keith Kocher, the Kansas Lottery’s Director of Gaming Facilities. In a statement release in Thursday, Golden Gaming said it expected to cancel its casino bid.

Golden Gaming Vice President Rod Atamian said that with the current condition of the financial markets, they feel that it is appropriate to ensure liquidity for other important opportunities that may come up in the future. He added that while they believe in the viability and appeal of the casino project, they are not confident in making a big commitment on their own in the present financial crisis.

Golden Gaming submitted the 3rd proposal for a Wyandotte County casino facility before April 1st, 2009. The organization had proposed a $687 million casino project in a previous bidding, which it lost to a proposal by a joint venture of Kansas Speedway and the Cordish Co. But the winning bidders withdrew from the project, citing the ongoing financial crisis, so the Kansas Lottery reopened the bidding for the project.

Kansas Speedway and Cordish Co. resubmitted a $700 million bid March 30th, and Penn National Gaming Incorporated submitted a $500 million bid on April 1st, 2009. The Kansas Lottery has until June 30th, 2009 to study the applications and contracts, which then will be given to the Lottery Gaming Facility Review Board. The board will have two months to choose one casino proposal and send it to the Kansas Racing and Gaming Commission for approval.