2002 - Harness Tracks of America, Inc.

HARNESS TRACKS OF AMERICA
Paul J. Estok, Editor
ROSECROFT HORSEMEN T0 MEET
Harness horsemen have been called to a meeting
Wednesday at Rosecroft Raceway to consider bids
from potential buyers for the Prince George’s
County racetrack, according to a report published
in the Baltimore Sun. The Cloverleaf Standardbred
Owners Association (CSOA), which owns the
track, has called its members -- who include trainers,
breeders and horse owners -- to a meeting at
1 p.m. tomorrow “to review and comment on the
possible sale of Rosecroft Raceway,” according
to a notice circulated to CSOA members. The
meeting notice says that Rosecroft’s CEO Tom
Chuckas and potential buyers “will make a presentation,
explain the components of the sale and
answer questions from the general membership.”
The notice specifically notes, however, that the
meeting is solely informational. A similar meeting
was held in August. At that meeting, the CSOA
discussed offers from two entities, Greenwood
Racing, the parent company of Philadelphia Park,
and Centaur Racing, Churchill Downs’ partner in
Hoosier Park in Indiana.
MONTICELLO FOR SALE???
Reports indicate the once-mighty Monticello
Raceway in Sullivan County outside New York City
is for sale. “We are in the process of hiring an
investment banker to sell the entire raceway for
the best possible price,” said Joe Bernstein of
Catskill Development, which owns the track.
CIBC, a New York investment firm, visited the harness
track last week “to look around,” said one of
its officials as he walked the Monticello plant.
Bernstein wouldn’t say how much Catskill wants,
only that there will soon be a “sealed bidding process.”
Track President Cliff Ehrlich confirmed a
sale was a possibility, and that the track
had already received “lots of interest”
from developers, another track, Indian
tribes and Las Vegas gambling companies.
Executive Newsletter
A daily fax and e-mail report on racing and gaming developments in North America and beyond
September 17, 2002
“But I don’t want to limit ourselves to a sale,”
Ehrlich said. “We’re looking at all options to maximize
the value of our property, from a joint venture
to a sale.” Still, the track is on the block.
CONN. SEEKS BAN ON CASINOS
The State of Connecticut realized $369 million in
tax revenue from casino gambling last year, but
the message from the state’s most powerful elected
officials has suddenly changed; as far as casino
gaming in Connecticut is concerned, officials are
now saying that enough is enough. The state’s
governor and two United States senators took a
definitive stand, opposing any more casinos in the
state. Last week, Sen. Christopher Dodd and Sen.
Joseph Lieberman, both Democrats, proposed
federal legislation to impose a one-year
moratorium on the federal Bureau of Indian
Affairs’ process for official recognition of Indian
tribes. On Thursday last week, Connecticut Gov.
John Rowland said that he supported the
moratorium and that any more casinos would
adversely affect many Connecticut residents. “The
governor just doesn’t think we need any more
gambling in Connecticut,” Rowland spokesman
Chris Cooper said. “It’s really become a quality
of life issue.” The two Indian casinos currently in
operation, Foxwoods, owned by the Mashantucket
Pequots, and the Mohegan Sun, have paid $2.2
billion in state taxes since their compacts became
effective. No other industry in Connecticut,
including insurance and defense contracting, pays
more taxes. The federal Bureau of Indian Affairs
currently has more than 200 applications for
recognition from Indian tribes in 37 states, including
nine in Connecticut. Many municipal leaders in
Connecticut near land that could become federal
Indian reservation support a moratorium on the
recognition process, which they see as
tantamount to a federal casino-licensing
program.