 Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! |
Gaming News
Embattled Owner Sells Stake in Arizona Track20 February 2002ARIZONA – As reported by the Arizona Republic: "Control of Turf Paradise changed hands Tuesday in a deal forced by regulators who claimed that owner Jerry Simms had too shady of a past to run the state's largest racetrack. "The long-anticipated sale could put an end to Turf Paradise's battle with state officials, who pulled Simms' racing license over reports that he was financially entangled with an admitted Mafia frontman and had paid bribes to California officials in the 1980s. "Simms sold his majority stake in the track's managing general partnership for an unspecified nominal amount to his brother, Los Angeles real estate investor Ronald Simms, who passed all the necessary background checks and reapplied for a racing license Tuesday. "…The only piece of the complex he will continue to own directly is an approximately 100-acre parcel of land south of the track with barns and stables on it, Turf Paradise President Randy Fozzard said. "…Ronald Simms already owns a 32 percent share in the track, which Jerry Simms and a group of investors bought in 2000 for $54 million." |