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On Friday, the Texas Racing Commission approved the Chickasaw Nation to own 49 percent of Lone Star Park racetrack in Grand Prairie, Texas.

The Ada, Oklahoma-based tribe’s subsidiary, Global Gaming Solutions, paid $47.8 million for the Dallas-area racetrack at a Magna Entertainment Corp. bankruptcy auction. The tribe formed a new company, Global Gaming LSP, with Texas lobbyist Ricky Knox.

Racing Partners of Texas, led by Knox, will own 51 percent of the track, reported The Houston Chronicle. The parties are expected to sign documents today, stated NewsOK.com.

The Dallas Morning News described Global Gaming’s CEO John Elliott as “buoyantly optimistic” about reviving the bankrupt racetrack. Perhaps that’s because this wouldn’t be the first time Global Gaming pulled a racino out of economic despair. It revitalized Lone Star’s sister racetrack Remington Park in Oklahoma City (also bought from Magna Entertainment for $80.25 million in 2009) in its first year of operation with a 15 percent revenue increase—a feat that garnered media notice. “What we did defied any national statistic you would care to get your hands on,” Elliott told the Dallas News. “The Remington Park story proves that we can do it. There has been a lot of carnage in the entertainment/gaming market, lots of stories of excess debt and corporate collapses not just in the commercial markets but also in the Native American markets. We on the other hand have a parent that is very politically stable, commercially strong, financially strong.”