01/27/2009 12:00AM

Fort Erie owners get more time

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The Ontario Racing Commission has extended Nordic Gaming Corp.'s license to operate Fort Erie Racetrack until Marcho30. This extension will allow Nordic Gaming time to resolve outstanding financial issues and to continue ongoing discussions with potential investors and the government.

Nordic Gaming has yet to commit to conducting a 2009 race meet at Fort Erie due to a serious decline in casino revenue at the facility.

A $35 million proposal to purchase the track has been made by the Fort Erie Economic Development and Tourism Corp., and both Nordic Gaming and the provincial government are in discussions with the FEEDTC regarding the offer. The proposal would require a low-interest loan and a $3.2 million advance from Ontario's provincial government.