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November 7, 2011

Bahres, NY firm biggest casino owners

By The Mainebiz News Staff

Robert and Gary Bahre, the former owners of the Oxford Plains Speedway and the New Hampshire International Speedway, and a New York real estate firm are the largest owners behind the casino under construction in Oxford, according to documents released Friday.

The Maine Gambling Control Board released Black Bear Development's application for a casino in Oxford, after The Associated Press requested the information through the Freedom of Access law. Robert Bahre and his son, Gary, own 30% of the casino. Another 25% is owned by a company called Maine Funding LLC, which in turn is owned by Och-Ziff Real Estate Advisors, a New York firm that has underwritten several gambling-related investment opportunities, including major casinos and small slot machine operations, The AP reported. Other shareholders are Rob Lally, co-owner of Mt. Abram ski resort in Greenwood; Steve Barber, former president and CEO of Barber Foods; James Boldebook, owner of Creative Broadcast concepts in Biddeford; and Suzanne and Rupert Grover, who own Grover Gundrilling in Norway.

Black Bear Development previously opposed releasing the casino owners' stakes in the company, saying it constituted an invasion of privacy and included proprietary company information. The gambling board, however, ruled last month the owners' stakes could not be kept secret.

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