IRVINE — Excalibur Holding Corp. said Wednesday that it has completed its planned purchase of a Thoroughbred race track and gambling resort in West Virginia.
Excalibur, an investment company based in Irvine, said it bought Mountaineer Park on Dec. 4, exchanging $90,909 and 551,514 shares of Excalibur's common stock for all the outstanding stock of Mountaineer Park Inc.
As part of the transaction, Excalibur said, it paid $3.5 million in cash and 60,605 shares of Excalibur stock to retire almost all of Mountaineer Park's bank debt and also issued 417,558 shares of stock to satisfy another $1.9 million in debt.
Company officials could not be reached for comment Wednesday.
Mountaineer Park, in the city of Chester, consists of a one-mile track, a 101-room lodge, off-track betting, simulcast video of out-of-state racing, a nine-hole golf course and tennis facilities.