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Corpus Christi track license scuttled

28 July 2008

CORPUS CHRISTI, Texas -- As reported by the Caller-Times: "A deal to sell the Corpus Christi Greyhound Race Track's racing license has been scuttled by a statewide investigation into a company that claimed to have found a way to operate slot machines legally in Texas.

"The deal, if it had gone through, could have placed as many as 500 slot machines at the race track, a major expansion of gambling in Texas. And it would have come at a time when ailing gambling interests have spent hundreds of thousands in lobbyists and campaign contributions in hopes of accomplishing something remarkably similar through a change in the law.

Only this move may not have required any legislation.

The company, Aces Wired Inc., was the subject in May of statewide raids at gaming sites in Corpus Christi and cities across Texas for its operation of eight-liners. The machines paid players on a debit card, a form of payment the company thought would comply with Texas' statutes against gambling.

In a filing with the U.S. Securities and Exchange Commission, Aces Wired now says it has forfeited a $439,000 option to buy a majority stake in the company that owns the track's license.

...Facing mounting financial losses, the track halted races in December because it could not come to an agreement with the racing commission on a plan to establish a seasonal racing circuit with tracks in the Rio Grande Valley..."

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