Company divests New Mexico racetrack

Tuesday, Dec. 19, 2000 | 11:14 a.m.

Anchor Gaming of Las Vegas announced it has completed the sale of the Sunland Park Racetrack & Casino in New Mexico to its former chairman, Stanley Fulton.

The sale was part of a stock purchase agreement between Anchor, Fulton and members of Fulton's family. On Oct. 17, Anchor purchased 4.6 million shares of stock from Fulton and family members for $66.60 per share. The $306 million purchase price included $240 million in cash and $66 million in promissory notes that will be canceled once asset sales to Fulton close.

Upon the close of the stock sale, Fulton retired from the company.

Still pending is Fulton's purchase of Anchor's 25 percent stake in a Massachusetts horse racing facility, though Anchor said that deal's close is imminent.

archive