View Full Version : Remington Filing Chapter 11



Prunepicker
04-06-2009, 12:49 PM
We just received a notice in the mail from the US Bankruptcy Court for
Delaware stating that Remington Park is filing for Chapter 11.

Has anyone else received such a notice or heard about this?

venture
04-06-2009, 12:50 PM
I believe its parent is in or had planned to go into Ch11 to where Remington Park would be auctioned off to a new buyer soon.

Karried
04-06-2009, 12:51 PM
Do they owe you money?

Prunepicker
04-06-2009, 12:54 PM
Do they owe you money?

No. But I've worked out there on occasion.

metro
04-06-2009, 02:07 PM
http://www.okctalk.com/okc-metro-area-talk/17272-remington-park-soon-up-sale.html

BDP
04-06-2009, 03:46 PM
Does this mean the zoo can bring the dolphins backs?

Prunepicker
04-06-2009, 04:15 PM
Does this mean the zoo can bring the dolphins backs?

Always make sure that nobody is drinking a 7UrP before asking questions
like. those. My screen is a mess.

Thanks.

At any rate, I voted against the possibility of a gambling addiction. Besides
that, what are our schools going to do? I put the 7UrP down before I wrote
that. Think about it, horse racing was supposed to cure all of the ills of
the public school system.

Does anybody remember that 10% of all winnings were supposed to go to
"the children"? I do. Does anybody remember when the DiBartolo's cried
that 10% was too much? The rate was reduced to 4%.

THEN

They asked for a 2% cut. That's when I became livid. They wanted the
rate to be reduced from 4% to 2%. The local public educated media never
thought twice about it. After all it's only a 2% cut. However, those of us
who weren't educated in public schools, immediately said, "IT'S NOT A 2%
CUT! IT'S A 50% CUT!"

I'll never forget calling KTOK and talking to Ms. Information (misinformation
for those of you educated by public schools). Ms. Information was Carol
Arnold the clueless. She said it didn't matter. I told her it did matter
because 50% is real and 2% isn't. C'mon, I told her. It's a 50% cut. I
wish our family business could have a 50% cut! Later the news started
calling it what it was, a 50% cut, but it was too late.

The government has no business in business. The problems that exist will
only get worse. Why? Because it always does.

Prunepicker
04-06-2009, 04:15 PM
Should this be on the political threads?

venture
04-06-2009, 10:50 PM
Should this be on the political threads?

Only if you are going to politicize a thread on a local entertainment attraction.

DaveSkater
04-07-2009, 03:09 PM
Is Remington park itself in good financial order? Or is it just the parent company?

venture
04-07-2009, 04:09 PM
From what I've read Remington Park is fine, the parent is the one that is out of cash.

Lord Helmet
04-08-2009, 11:06 AM
From what I've read Remington Park is fine, the parent is the one that is out of cash.

Exactly.

SoonerDave
04-13-2009, 12:28 PM
Does this mean the zoo can bring the dolphins backs?

So THAT's why the dolphins always mysteriously seemed to "go sleep with the fishes..."

Always THOUGHT there was something suspicious about that...:)

Jesseda
04-13-2009, 12:37 PM
the dolphins died rumor was it was something to do with the horse poo poo and virus from its poo poo carried by the wind and ending up in the dolpin pool...

jbrown84
08-13-2009, 05:23 PM
Chickasaw Nation tribal subsidiary agrees to buy Remington Park

A subsidiary of the Chickasaw Nation has signed a tentative agreement to purchase Oklahoma City's Remington Park racetrack and casino from Magna Entertainment Corp. for $80.25 million.

The deal is subject to approval by a Delaware bankruptcy court and contingent on a higher and better bid not being received at a final bankruptcy bidding opportunity scheduled for Sept. 8.

Terms of the proposed sale were disclosed in a bankruptcy court filing this week.

“If in fact this does transpire, we think this will be a very, very good thing for Oklahoma gaming,” Scott Wells, president and general manager of Remington Park, told members of the Oklahoma Horse Racing Commission Thursday.


http://www.newsok.com/chickasaw-nation-tribal-subsidiary-agrees-to-buy-remington-park/article/3392575?custom_click=lead_story_title

kevinpate
08-13-2009, 05:32 PM
> the parent is the one that is out of cash.

Sounds like my house.

And hmmmmm, a tribe wanting to owning Remington Racino. Gee, never saw that one coming.

SoonerDave
08-13-2009, 06:19 PM
>If in fact this does transpire, we think this will be a very, very good thing for Oklahoma gaming,

Geez, how many times have we been sold THIS line....just one more tax break, just one more incentive, just one more.....and ALL our gambling problems will be solved....

Spartan
08-13-2009, 06:30 PM
Chickasaw Nation tribal subsidiary agrees to buy Remington Park

A subsidiary of the Chickasaw Nation has signed a tentative agreement to purchase Oklahoma City's Remington Park racetrack and casino from Magna Entertainment Corp. for $80.25 million.

The deal is subject to approval by a Delaware bankruptcy court and contingent on a higher and better bid not being received at a final bankruptcy bidding opportunity scheduled for Sept. 8.

Terms of the proposed sale were disclosed in a bankruptcy court filing this week.

“If in fact this does transpire, we think this will be a very, very good thing for Oklahoma gaming,” Scott Wells, president and general manager of Remington Park, told members of the Oklahoma Horse Racing Commission Thursday.


http://www.newsok.com/chickasaw-nation-tribal-subsidiary-agrees-to-buy-remington-park/article/3392575?custom_click=lead_story_title

So.... I think it's stupid question time. Is there still going to be actual "racing" taking place at Remington Park?? It just seems so shady.

jbrown84
08-13-2009, 07:00 PM
Why wouldn't there? Why would it be of any value without the racing aspect?

Dustin
08-13-2009, 07:24 PM
Ya it seems people are more willing to drive 30 min - 2 hours to riverwind and windstar rather than drive a couple of miles to get to Remington park. It's sad... It's been around forever.

Spartan
08-13-2009, 11:44 PM
We all know the Chickasaws are going to take it over, run it like a casino, that does a little bit of horse racing on the side.. they've got a business model to stick to.

decepticobra
08-14-2009, 12:48 AM
im really starting to loathe the chickasaw nation. first riverwind, then winstar, now remington.

greedy, greedy chickasaw nation. the nadir of all oklahoma tribes.

rod4soonrs
08-14-2009, 07:38 AM
Look at Hollywood Park, they are a casino and horse track, and do very well with the horses.

soonervegas
08-14-2009, 11:52 AM
This is going to go over well for a large portion of our out of town sporting events visitors.

It will go over well with me as well......much closer than any other Casino.

venture
08-14-2009, 12:26 PM
If they are smart, they'll revamp their player's club and link all their major casinos together.

fuzzytoad
08-14-2009, 12:38 PM
Why wouldn't there? Why would it be of any value without the racing aspect?

They could saddle up white people and run them around the track.

Urbanized
08-14-2009, 12:46 PM
From what I've been told, the Chickasaws will be specifically focused on growing and improving the racing at Remington, if they end up being the purchaser. They also would eventually build a hotel, more than likely, which is something the "Adventure District" has coveted for years.

They would NOT be able to convert the gaming to the class 3 lite type of gaming (including poker and blackjack) that exists at their other casinos, like Riverwind and Winstar. The land has never been Indian land, and I don't believe it can be put into a federal trust as such, which is required for tribal gaming. Also, the state compact and laws that allowed for the changes we saw in gaming a few years ago exclude racing casinos from having the full-blown Indian gaming that appear in tribal casinos. That was all part of an agreement between the tribes, the racing industry and the state. There would have to be a change in legislation to allow it to happen.

From what I understand, the Chickasaws simply see this as an investment complimentary to their existing gaming investments, but there are no plans to push for Indian gaming there.

kmf563
08-14-2009, 01:28 PM
they could saddle up white people and run them around the track.

wth??

bombermwc
08-14-2009, 03:18 PM
Forgive me for not knowing the tax rules here, but if the Chickasaw Nation takes over, does that mean all those monies that are raised for the schools, will no longer go to the schools?

And how exactlly did they go bankrupt if they increased the worth of the place 8 times over. They bought it for $10m and now are selling it for 80?? Not to mention how pathetic it is that it's selling for the same price it took to build it 20 years ago.

jbrown84
08-14-2009, 03:21 PM
And how exactlly did they go bankrupt if they increased the worth of the place 8 times over. They bought it for $10m and now are selling it for 80??

Not so lucky with their other properties around the country, I imagine.



We all know the Chickasaws are going to take it over, run it like a casino, that does a little bit of horse racing on the side.. they've got a business model to stick to.

I don't see why they would spend $80+ million on all that racing infrastructure to let it fall by the wayside.

There Cherokees own the other horse racing venues in the state.

Platemaker
08-14-2009, 04:10 PM
They would NOT be able to convert the gaming to the class 3 lite type of gaming (including poker and blackjack) that exists at their other casinos, like Riverwind and Winstar.

That's interesting being that everything at Remington is Class III already.

venture
08-14-2009, 05:06 PM
And how exactlly did they go bankrupt if they increased the worth of the place 8 times over. They bought it for $10m and now are selling it for 80?? Not to mention how pathetic it is that it's selling for the same price it took to build it 20 years ago.

Remington's parent company went bankrupt...Not Remington Park. They have been profitable and one of the better performing facilities for their parent. Naturally when the parent goes into Ch11...mostly everything else under them goes in as well.

bombermwc
08-17-2009, 07:33 AM
Well what I'm saying is the value of the place sucks. With all the improvements that they've made over the years, they're still not even worth the origional construction price? 20 years later? That's some sad crap folks. We might be doing OK here with Remington, but it's not doing great by any means.

When the parent goes bankrupt, unless you have some complete idiot running things, you don't sell of your best performing property. That is unless you're getting out of the business all together.

mugofbeer
08-17-2009, 09:00 AM
Too many gambling venues and choices around. Slow economy, people are tapped out of discretionary income. Vegas is still the Mecca. Remington has no secondary attractions like big name entertainment, hotel, etc.

Urbanized
08-17-2009, 09:20 AM
That's interesting being that everything at Remington is Class III already.
You didn't read my post carefully, apparently. Or maybe I didn't make myself clear. Yes, that is class 3 gaming. But not full-blown class 3. They are both "lite" (my term) versions of class 3. Indian gaming in Oklahoma, under current regulations, includes poker and blackjack (but is still not "full blown," considering they don't have craps and roulette, and their blackjack requires an ante). It's not Vegas.

The gaming that is allowed in Oklahoma at horse tracks is electronic games only. Not only do they have no craps or roulette, they don't have poker or blackjack either. Nor will they be allowed to add them without changes in the law. I'm no industry expert, but I would call what the Indians have "class 3 lite," and for lack of a better term what the racing industry has "class 3 lite-lite." EXTRA lite.

That's not necessarily a bad thing. I think a larger segment of the population likes electronic gaming anyway, and the tracks offer something that Indian casinos do not; horse racing. They're just different. And according to current laws, they will stay different, even if the Chickasaws gain ownership of RP.

Platemaker
08-17-2009, 12:07 PM
I think a larger segment of the population likes electronic gaming anyway.


I've worked as a Casino Host in Nevada, Mississippi, and Oklahoma. Tables are just amenities. Slots are the bread winners by far... and tables can quite literally break a casino.

Urbanized
08-17-2009, 01:23 PM
I've worked as a Casino Host in Nevada, Mississippi, and Oklahoma. Tables are just amenities. Slots are the bread winners by far... and tables can quite literally break a casino.
Which means we are in agreement, right? :confused:

I'm not disputing that electronic gaming is the bread and butter for casinos, in fact I said that I figured as much in my last post. My first post was only in response to someone (or multiple posters, can't remember) who were asking if/suggesting that table games would appear at RP if the Chickasaws purchased it. The answer is no, under current law.

Platemaker
08-17-2009, 01:38 PM
Which means we are in agreement, right? :confused:

I'm not disputing that electronic gaming is the bread and butter for casinos, in fact I said that I figured as much in my last post. My first post was only in response to someone (or multiple posters, can't remember) who were asking if/suggesting that table games would appear at RP if the Chickasaws purchased it. The answer is no, under current law.


haha... yes.