THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Thursday, February 20, 1997 TAG: 9702200138
SECTION: LOCAL PAGE: B2 EDITION: FINAL
SOURCE: ASSOCIATED PRESS
DATELINE: RICHMOND LENGTH: 22 lines
Colonial Downs officials said Wednesday they plan to increase the amount of stock available to the public by 750,000 shares, from 3.5 million to 4.25 million shares.
The stock offering in the horse-racing venture in New Kent County should begin next week and run through mid-March. The price is $10 a share.
The disclosure came at a meeting of the Virginia Racing Commission, which unanimously approved issuing a license for an off-track betting parlor in Hampton.
Colonial Downs already has off-track betting parlors in Chesapeake and Richmond. Three more are planned. Colonial Downs spokesman Mike Mulvihill said the Hampton parlor is expected to open in July. The parlors and stock offering are intended to raise funds toward the $58 million track construction cost.