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NY investment firm among owners of Maine casino
Headline Legal News |
2011/11/07 12:12
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The former owners of the New Hampshire International Speedway and the Oxford Plains Speedway are the largest shareholders in a casino under construction in western Maine, and a New York investment firm also holds a large stake, according to the casino's business application.
Gary Bahre and his father, Robert Bahre, own 30 percent of the casino between them, according to Black Bear Realty Co.'s application, released Friday by the Maine Gambling Control Board. The Associated Press requested the application through Maine's Freedom of Access law.
A company called Maine Funding LLC is listed as owning 25 percent of the facility. Maine Funding is owned by Och-Ziff Real Estate Advisors, a New York firm that has been in involved in many gambling investments over the years, according to the application.
"Och-Ziff Real Estate has underwritten gambling-related investment opportunities across numerous jurisdictions (both state and local) ranging from major-market destination casinos to small slot route operations, working closely with property-level operators and developers to assess markets, operations and capital budgets," the application says.
Maine voters last fall approved a referendum proposing a destination resort casino in Oxford. The facility is now under construction and expected to open late next spring. |
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