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Credit Crunch Won't Stop Kansas Speedway Casino Plans
KANSAS CITY, KANSAS --
Now that the Wyandotte County casino rights have been issued to a joint venture between Kansas Speedway and the Cordish Company, the hard part begins. After a seemingly endless process of searching, accepting bids, and debate, the Speedway project was selected by the Kansas Lottery Gaming Facility Review Board.
But the current trend in the casino industry is to hunker down, as financing for big resort and casino complexes has disappeared with the tightening of worldwide credit markets.
Sevral major casino projects in Las Vegas and Atlantic City have been cancelled or put on hold. Boyd Gaming suspended the Echelon plan, both the Plaza and Cosmo are facing huge credit hurdles, and MGM Mirage's CityCenter is the subject of constant rumors regarding financing to finish construction.
Nevertheless, officials from both the Speedway and Cordish agree financing would not be a problem. Each of the two is expected to invest between $40 and $45 million for the initial construction phase.
The two companies will have equity each from twenty to forty percent, with the state retaining the remainder.
Speedway management figures to have at least a preliminary casino ready by the time NASCAR brings the Sprint Series to the track a year from now, assuming groundbreaking begins in January or February.
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