Golden Gaming pulls bid for Kansas casino contract

Golden Gaming has decided to pull its bid for a casino contract in northeast Kansas because of the poor credit markets, the Las Vegas-based company announced late last night.

In March, Golden Gaming reapplied with the Kansas Lottery to build and manage a state-owned casino in Wyandotte County, but recently decided the money might be used somewhere else.

"Given the ongoing turmoil in the financial markets, we feel it is prudent to preserve liquidity for other opportunities that may arise in the future," Golden Gaming Executive Vice President Rod Atamian said in a statement.

Two applicants remain for the contract: Penn National Gaming and a partnership between the Kansas Speedway and Baltimore-based real estate developer Cordish Co.

The Kansas Speedway group edged out Golden Gaming 4-3 in September for the contract, but pulled its plans for a Hard Rock-branded project when credit markets tightened late last year.

Atamian said in the statement Golden Gaming might have been better positioned if it had a partner in the project.

"While we believe in the long-term viability and appeal of our site, we are not confident in making such a commitment on our own in the current environment," he said.

Golden Gaming owns and operates casinos Pahrump and Black Hawk, Colo., but it is best known as a tavern operator under the PT's brand.