Majority ownership given up in racino plan
Published: Saturday, September 8th, 2007
Members of the Quay County Gaming Authority agreed to give up 91 percent of its ownership to a private management firm, said Warren Frost, executive director of the authority. The authority’s members, Quay County, Tucumcari, San Jon and Logan, now would have to split 9 percent of the proceeds, if a combined race track and casino, “racino,” were to be built in Tucumcari, Frost said. “Our portion would have been $321,000 a year. Now it’s $28,000,” said Bobbie Rose, San Jon Village manager. “It’s disappointing. But if the casino doesn’t come we won’t have anything.” “There’s several concerns on the state level,” with ownership by several municipalities and their inherent changing leadership, Frost said. The fledgling authority was created earlier this year to put together an application for a racino. The racino is hoped to bring jobs and development to Quay County. In May, the authority agreed to negotiate with the Las Vegas management team of Navegante Group and Friedmutter, Inc. Representatives of the municipalities all agreed to the change in ownership proposal at Thursday’s special meeting of the authority, Frost said.
Click Here To See More Stories Like This