Michael Moldenhauer appealing cancellation of his license by New Mexico Racing Commission
The state of New Mexico has recently opened up a license for the operation of a racino. This would be the sixth racino that would be operational in the state. The submission date for the application of the license has been set at June 2, 2011. Those who
would be interested in applying for the license will be giving their applications to the New Mexico Racing Commission.
The opportunity for new people to step in and take up the operations of another racino in the state arose as the previous holder of the license has been experiencing some problems. The person who had the license before is Michael Moldenhauer. The Canadian
investor is currently in the process of having his license given back to him as it was revoked earlier by a court decision.
The reason that the Canadian investor lost his license was because he could not meet the targets that were decided beforehand. Moldenhauer was expected to get the La Mesa Racetrack and Casino in Raton up and ready by this time but that could not be accomplished
by the investor. The complete project is worth a total of $50 million. The non-completion of the racino by the investor has translated into no live horse racing event in that region.
The state’s horse racing commission has kept 2nd of September as the deadline for the submission of the applications for the license. This step by the commission has been heavily criticized by Moldenhauer’s lawyer, Sam Bregman.
“What the Racing Commission did today was a terrible decision, and we're going to do everything we can to make sure it does not stand,” Bregman said. “Next week we will be filing for an injunction to prevent the New Mexico Racing Commission from issuing
any new license to anyone else until the whole Raton matter is addressed fully and completely in a courtroom.”
Moldenhauer got hold of his racing and gaming license way back in 2008. The building of the sixth racino due to which the investor got his license cancelled is going to be the last one until the year 2037.
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