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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 17, 1997
COLONIAL DOWNS HOLDINGS, INC.
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(Exact name of registrant as specified in its charter)
VIRGINIA 333-18295 54-1826807
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
10515 Colonial Downs Parkway, New Kent, Virginia 23124
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(Address of principal executive offices)
Registrant's telephone number, including area code (804) 966-7223
3610 North Courthouse Road, Providence Forge, Virginia 23140
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(Former name of former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
At its September 17, 1997 meeting, the Virginia Racing Commission (the
"Commission") ruled that a $1 million letter of credit that the Commission holds
to secure the obligations of Colonial Downs, L.P., a subsidiary of the
Corporation ("Colonial Downs"), under its performance guarantee will be
unconditionally released. Under the performance guarantee, the Commission was
entitled to draw $5,000 per day in penalties from Colonial Downs for every day
after July 17, 1997 that the track was not open for live racing. Colonial Downs
commenced live racing on September 1, 1997, 46 days after the deadline in the
performance guarantee. The Commission ruled at its September 17, 1997 meeting
that excusable delays, including unusually wet weather that hindered earth
moving work and shortages of materials and labor, justified the extension of the
completion date to September 1, 1997.
Colonial Downs also informed the Commission at its September 17, 1997
meeting that the opening dates for the Brunswick and Hampton Racing Centers had
slipped from the September 1997 dates previously reported. Construction of the
racing centers did not proceed as expeditiously as originally forecasted.
Colonial Downs encountered delays at both centers in securing requisite
construction permits and during the summer devoted the vast majority of its
resources to completion of the racetrack by the September 1, 1997 legislated
deadline. The Brunswick Racing Center is currently expected to open in late
October and the Hampton Racing Center is expected to open in November 1997.
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereto duly authorized.
COLONIAL DOWNS HOLDINGS, INC.
September 23, 1997 /s/ O. James Peterson, III
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O. James Peterson, III, President
and Chief Operating Officer