LONE STAR PARK SALE TO CHICKASAW OFFICIAL

October 29, 2009 - Global Gaming LLC, a wholly-owned subsidiary of the Chickasaw Nation of Oklahoma, received final court approval yesterday to purchase Lone Star Park.

Delaware bankruptcy judge Mary Walrath approved the sale of Lone Star for $47.8 million. Earlier this month Global Gaming submitted a $27 million bid, but bidding was reopened when Penn National Gaming Inc. announced interest.

According to a court filing by Magna's committee of unsecured creditors, reports The Associated Press, Penn National Gaming submitted its bid but was disqualified by Lone Star Park's owner Magna Entertainment Corp. because the deposit associated with the bid was partially refundable.

The overseeing committee said that after Penn National clarified that it intended to bid higher once it was in an auction, the best course of action was to reschedule the auction. According to the committee, Penn National submitted an original bid of $28 million and later advised Magna it was willing to bid $40 million for the track.

Magna attorney Brian Rosen told the judge on Wednesday that last week's rescheduled auction opened with Penn's $40 million bid.

"There was extremely spirited bidding that went back and forth," said Rosen, adding that the auction concluded after 43 rounds with Global Gaming's winning bid.