A New Mexico court has ruled that a regulatory board acted properly in invalidating a gambling license for a Canadian investor's planned $50 million horse racing track and casino in the state.
The Court of Appeals on Tuesday affirmed the New Mexico Gaming Control Board's 2010 decision to nullify a license for electronic slot machines at a track casino that never opened.
The board revoked the license for La Mesa Racetrack and Casino in Raton because developers failed to open the casino by May 2010 and didn't show they had adequate financing to complete the racetrack.
Canadian investor Michael Moldenhauer is behind the stalled project, which called for a 1-mile oval track with a casino, lounge and entertainment areas. Moldenhauer is a real estate developer in the Toronto area.