Tweet
New chance for casino, race track in Adams
By ERIN JAMES
The Evening Sun [Hanover, Penn.]
July 17, 2008
David LeVan wants to try again.
The man whose plan to build a casino near Gettysburg drew national attention and significant local opposition in 2005 and 2006 said Wednesday he has the financial backing he needs to take a second shot at securing a slots license for Adams County.
LeVan said he intends to do exactly that if a license becomes available - something that seems increasingly likely.
Investors in Valley View Downs, a proposed Lawrence County casino and horse-racing facility, are struggling to refinance the $455 million project before the state Gaming Control Board finishes its investigation and decides whether to grant them a license.
If investors in Valley View Downs are forced to withdraw their application, "then I will get very aggressive," LeVan said.
"I wanted to send a message that if they don't, I can," he said. "There is an alternative out here."
This time around, LeVan's proposal will include plans for a horse-racing facility and be located somewhere in the southern part of the county - away from the Gettysburg battlefield and near the Maryland line. The project would cost between $400 million and $500 million and secure between $15 million and $20 million for the county and local government in tax revenues, he said.
LeVan said he has confirmed the support of Silver Point Capital, a Connecticut-based firm that replaced Morgan Stanley as the largest investor in
LeVan's original proposal to build a slots parlor with 3,000 machines near routes 30 and 15 in Straban Township.
The plan for Crossroads Gaming Resort and Spa, submitted by LeVan's investment group, Chance Enterprises, was rejected by the state Gaming Control Board in December 2006, a decision board officials said was significantly influenced by vocal opponents of the proposal. Board members also cited doubts that an Adams County casino would draw enough gamblers from the Baltimore and Washington areas.
Taking those criticisms into consideration, LeVan said Wednesday that he has a new strategy for winning the support of locals and of the Gaming Control Board.
Because opponents of the original plan argued that locating a casino within a few miles of the battlefield would violate the sanctity of hallowed ground, LeVan said this time he will search for a site of no less than 200 acres that is far from the battlefield, but still within Adams County.
An ideal site also would be located along the Maryland line and close to a highway in order to attract gamblers from Baltimore and Washington, he said. LeVan, who owns Battlefield Harley-Davidson in Gettysburg, said he has several properties in mind but will wait to see if a license becomes available before pursuing those options.
In fact, all of LeVan's plans depend on whether the last of the state's slots licenses becomes available again to applicants.
According to a story that appeared in The Beaver County Times on July 10, attorneys for Indiana-based Centaur Gaming - the only company whose application is currently being considered for the last available license - wrote in documents filed with the gaming board in March that a $995 million loan from Credit Suisse bank for Valley View Downs and other Centaur projects was due to expire on July 15. They wrote in a filing that "the likelihood of obtaining relief from the (bank) is very, very low, and there is no prospect of obtaining financing on the same, or possibly any, terms."
Last week, the board denied investors' request for a conditional - or temporary - license on the grounds that its investigation is not complete and a suitability hearing has not yet taken place.
A Centaur spokeswoman told reporters the company is pursuing other financing avenues, and Valley View Downs still could be awarded a license when the investigation is complete, something that probably will not happen before the fall, said gaming board spokesman Richard McGarvey.
Valley View Downs also holds a license from the state Horse Racing Commission.
Securing that license is a prerequisite for applying for a Category 1 slots license, which allows the building of a joint casino and horse-racing facility, McGarvey said.
LeVan would need to secure a horse-racing license before he could pursue a Category 1 slots license. He said he is confident he could get through both processes successfully, though he said competition with "quite a number" of applicants would be likely.
McGarvey said he could not speculate on what the racing commission would do if Valley View Downs withdrew its application for a slots license, but he said the gaming board would have the option of re-opening the application process or replacing the Category 1 license with a Category 2 license if there are no eligible applicants. A Category 2 license is for a stand-alone casino.
The gaming board has not been given any indication that Valley View Downs intends to withdraw its application, McGarvey said.
LeVan said he does not have any firsthand knowledge of the Lawrence County project, "other than what I read in the paper."
But he wants people statewide to know that Adams County is still a viable option as a location for a casino and horse-racing facility.
The businessman said he also is interested in gauging community support for the proposal. He said he anticipates a different reaction from residents now that a battlefield location has been taken off the table.
And now that there are several slots facilities operating in the state, he said, it can be shown that opponents' fears of crime and other ill effects on the community were unfounded.
LeVan said he would build a "high-end quality" facility aimed at creating an experience for the customer.
The Gettysburg native said he still is convinced a slots parlor would be a significant financial boon for the county and its residents - and a worthy investment for himself, as well.
"I haven't let go yet," he said.
Eric
By ERIN JAMES
The Evening Sun [Hanover, Penn.]
July 17, 2008
David LeVan wants to try again.
The man whose plan to build a casino near Gettysburg drew national attention and significant local opposition in 2005 and 2006 said Wednesday he has the financial backing he needs to take a second shot at securing a slots license for Adams County.
LeVan said he intends to do exactly that if a license becomes available - something that seems increasingly likely.
Investors in Valley View Downs, a proposed Lawrence County casino and horse-racing facility, are struggling to refinance the $455 million project before the state Gaming Control Board finishes its investigation and decides whether to grant them a license.
If investors in Valley View Downs are forced to withdraw their application, "then I will get very aggressive," LeVan said.
"I wanted to send a message that if they don't, I can," he said. "There is an alternative out here."
This time around, LeVan's proposal will include plans for a horse-racing facility and be located somewhere in the southern part of the county - away from the Gettysburg battlefield and near the Maryland line. The project would cost between $400 million and $500 million and secure between $15 million and $20 million for the county and local government in tax revenues, he said.
LeVan said he has confirmed the support of Silver Point Capital, a Connecticut-based firm that replaced Morgan Stanley as the largest investor in
LeVan's original proposal to build a slots parlor with 3,000 machines near routes 30 and 15 in Straban Township.
The plan for Crossroads Gaming Resort and Spa, submitted by LeVan's investment group, Chance Enterprises, was rejected by the state Gaming Control Board in December 2006, a decision board officials said was significantly influenced by vocal opponents of the proposal. Board members also cited doubts that an Adams County casino would draw enough gamblers from the Baltimore and Washington areas.
Taking those criticisms into consideration, LeVan said Wednesday that he has a new strategy for winning the support of locals and of the Gaming Control Board.
Because opponents of the original plan argued that locating a casino within a few miles of the battlefield would violate the sanctity of hallowed ground, LeVan said this time he will search for a site of no less than 200 acres that is far from the battlefield, but still within Adams County.
An ideal site also would be located along the Maryland line and close to a highway in order to attract gamblers from Baltimore and Washington, he said. LeVan, who owns Battlefield Harley-Davidson in Gettysburg, said he has several properties in mind but will wait to see if a license becomes available before pursuing those options.
In fact, all of LeVan's plans depend on whether the last of the state's slots licenses becomes available again to applicants.
According to a story that appeared in The Beaver County Times on July 10, attorneys for Indiana-based Centaur Gaming - the only company whose application is currently being considered for the last available license - wrote in documents filed with the gaming board in March that a $995 million loan from Credit Suisse bank for Valley View Downs and other Centaur projects was due to expire on July 15. They wrote in a filing that "the likelihood of obtaining relief from the (bank) is very, very low, and there is no prospect of obtaining financing on the same, or possibly any, terms."
Last week, the board denied investors' request for a conditional - or temporary - license on the grounds that its investigation is not complete and a suitability hearing has not yet taken place.
A Centaur spokeswoman told reporters the company is pursuing other financing avenues, and Valley View Downs still could be awarded a license when the investigation is complete, something that probably will not happen before the fall, said gaming board spokesman Richard McGarvey.
Valley View Downs also holds a license from the state Horse Racing Commission.
Securing that license is a prerequisite for applying for a Category 1 slots license, which allows the building of a joint casino and horse-racing facility, McGarvey said.
LeVan would need to secure a horse-racing license before he could pursue a Category 1 slots license. He said he is confident he could get through both processes successfully, though he said competition with "quite a number" of applicants would be likely.
McGarvey said he could not speculate on what the racing commission would do if Valley View Downs withdrew its application for a slots license, but he said the gaming board would have the option of re-opening the application process or replacing the Category 1 license with a Category 2 license if there are no eligible applicants. A Category 2 license is for a stand-alone casino.
The gaming board has not been given any indication that Valley View Downs intends to withdraw its application, McGarvey said.
LeVan said he does not have any firsthand knowledge of the Lawrence County project, "other than what I read in the paper."
But he wants people statewide to know that Adams County is still a viable option as a location for a casino and horse-racing facility.
The businessman said he also is interested in gauging community support for the proposal. He said he anticipates a different reaction from residents now that a battlefield location has been taken off the table.
And now that there are several slots facilities operating in the state, he said, it can be shown that opponents' fears of crime and other ill effects on the community were unfounded.
LeVan said he would build a "high-end quality" facility aimed at creating an experience for the customer.
The Gettysburg native said he still is convinced a slots parlor would be a significant financial boon for the county and its residents - and a worthy investment for himself, as well.
"I haven't let go yet," he said.
Eric
Comment