CHICAGO - A change in Iowa's racetrack simulcasting law may decrease by $1 million a year betting tax proceeds used to pay off $40 million of sports facility revenue bonds that financed the construction of the bankrupt Prairie Meadows racetrack.

But a Polk County official said the racetrack and its creditors have agreed in principle to set aside betting proceeds to make bond payments equivalent to the previous level.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.