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November 16, 2009

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Circus Circus makes bid for Prairie Meadows

Tuesday, Sept. 10, 1996 | 11:59 a.m.

Circus Circus would also spend more money on a hotel, track improvements and more slot machines.

Under the plan, which was to be announced at a news conference today, the Racing Association of Central Iowa would own the Altoona track using money borrowed from Circus Circus. The gambling company would manage the track and receive half the profits, track board members said.

Currently, Prairie Meadows is owned by Polk County and the gambling license is held by RACI.

Members of the county and track boards said Monday they would be reluctant to jump at any offer without testing the track's market value.

Circus Circus President Glenn Schaeffer said the figures are a starting point for negotiations and would be competitive in open bidding.

"I'm confident we would be selected under any circumstances," he said.

Polk County officials aren't so sure.

"My response is that $250 million wouldn't be buying the track, it would be stealing it," Polk County Supervisor Jack Bishop said. "It's worth a whole lot more than that."

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