2005 - Harness Tracks of America, Inc.

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HARNESS TRACKS OF AMERICAExecutive NewsletterA daily fax and e-mail report on racing and gaming developments in North America and beyondStanley F. Bergstein, EditorA RENAISSANCE? GREAT NEWSWhen someone reports a renaissance in racingthese days, it is like man bites dog: it is news.That’s the word out of Prince Edward Island inAtlantic Canada, once known as the Maritimes,where new legislation and a newly built racetrackhave rejuvenated the sport. To fully understandand appreciate this, you have to realize thatPrince Edward Island is one of the hotbeds ofharness racing anywhere, on scale. It is difficultto drive around the island and not see trottersand pacers in backyard paddocks, and the peopleknow the sport intimately. One of the world’sgreatest trainer-drivers, Joe O’Brien, hailed fromthere. And things had been looking grim for awhile. Atlantic Lotto tried to revive things once,then pulled out, and trainer Ron Matheson says,“It was pretty dismal for a few years.” Then AtlanticLottery Corporation stepped in, and aracino is being built at the island’s main racingvenue, Charlottetown Driving Park, scene of amajor racing festival each summer. The physicalracetrack itself was rebuilt, casino subsidies alreadyare in place, and purses are up some 50%since last year. One of the island’s leading breeders,Brian Andrew of Meridian Farms, says, “Thestandardbred industry is a very important aspectof the agriculture scene on PEI, and if it’s goingahead, then it only means it’s going to help theeconomy as well -- in terms of sales, feed, harness,equipment, it all filters down.” A sign ofthe revival is the fact that on a recent card, 107horses were entered and drew in and another 99that were entered did not get in. That’s a sign ofrenaissance. Just thought that another reminderof what alternative gaming can do -- not that oneis needed -- might brighten an otherwise dullThursday. If you ever get a chance to go toCharlottetown for the Gold Cup and Saucer classicin summer, make the trip. You’ll findit entertaining and, who knows, perhapseducational.July 21, 2005ROBERTS KNOWS GAMINGNot sure it makes any difference, but if John Robertsis confirmed as a Supreme Court justice --anybody game enough to bet against that odds-onchoice? -- it will mark an unusual occurrence, ajustice who knows gaming. Roberts, while in privatepractice, participated in a 1999 case beforethe Supreme Court involving gaming, where theCourt ruled unanimously that banning televisionand radio advertising for casinos violated the FirstAmendment. Roberts, according to the Las VegasReview-Journal, did not appear during oral arguments,but prepared a brief and was “counsel ofrecord” for the American Gaming Association. Hewrote that an advertising ban could not be justifiedby “the perceived dangers of commercial casinogaming.” The briefs were filed in support ofthe Greater New Orleans Broadcasting Association,26 television and radio stations that won theircase against federal attempts to ban air ads forcasinos in Louisiana and Mississippi. Roberts andthe American Gaming Association’s presidentFrank Fahrenkopf both worked for the same Washingtonlaw firm, Hogan and Hartson, in 1986.Fahrenkopf said Roberts would “decide casesbased on the facts and law presented,” but added,“It’s nice to know there is a member of the courtwho at least knows about the industry and its background.He is aware of the real picture of the industry,and not just the myths and superstitionsstill in the mind of some of the media. That’s apositive, but it may not help us.”INSURANCE NOT SIMPLE, BOYSKentucky’s blue ribbon panel on jockey compensationinsurance is discovering that, and hasbegged off meeting a September 1 deadline tomake recommendations to Gov. Ernie Fletcher,saying it would be premature without further information.One member said, “A proposal isgreat, but if we can’t fund it, it’s not worth awhole lot.”
HARNESS TRACKS OF AMERICAExecutive NewsletterA daily fax and e-mail report on racing and gaming developments in North America and beyondStanley F. Bergstein, EditorRECAPITALIZATION AT MAGNAMagna Entertainment announced today that, aspart of its strategic plan, its board has approvedrecapitalization that includes two binding termsheets for loan agreements with a subsidiary ofMI Developments. The first effectively replacesthe existing $77 million construction loan for aracino at HTA member The Meadows in Pennsylvaniawith a loan for up to $34.2 million to fund thedevelopment, design and construction of an alternativegaming facility at Remington Park in Oklahoma.It was not clear from the announcementhow the transaction would affect construction atThe Meadows, and a call to Magna executive VPand CFO Blake Tohana had not been returned atpress time. In addition to that development, certainterms of the existing $115 million GulfstreamPark loan will be amended, with a second termsheet for a bridge loan for a non-revolving generalcredit facility up to $100 million. MI Developmentsis the controlling shareholder of MagnaEntertainment, owning some 59% of MEC’s equitysecurities and 96% of the votes attached to itsvoting securities. Magna Entertainment presidentand CEO Tom Hodgson said he was pleased to adviseshareholders “of our continuing progress inimplementing our strategic plan, and our commitmentto achieving debt reduction through assetsales, a possible gaming partnership, and a possiblefuture equity financing.” The release said the recapitalizationplan would include “the sale of certainnon-strategic real estate, racetracks and otherassets to generate some $150 million, but did notspecify which racetracks Magna might sell. InOklahoma, where Magna Entertainment has beenpaying $132,857 a year to lease Remington propertyowned by the Oklahoma City Zoo, it was announcedthat the company had agreed to pay atleast $370,000 more a year to lease the Zoo land.The zoo had demanded an increase in anticipationof slot revenue from 650planned machines.July 22, 2005MOHEGANS ANNOUNCE PLANSAs promised, Mohegan Tribal Gaming Authoritypresident Robert Soper announced the Authority’splans for The Downs at Pocono yesterday, sayingthey would start with a $47 million constructionproject in September in order to have a temporaryslot machine facility ready at the trackby early 2006. A more ambitious project, to builda 400,000-square-foot casino and entertainmentcomplex, will start once the state has issued aconditional license. The entire project will cost$187 to $207 million, and when up and runningwould employ up to 800. In Harrisburg, meanwhile,the Pennsylvania Gaming Control Boardannounced it had adopted licensing standardsfor the track parlors, and could start acceptinglicense applications as early as September. Nofirm date has been set for the issuance of anylicenses, but Control Board spokesman NickHays said no licenses are expected to be issuedbefore early 2006.CAL-EXPO GETS ITS DATESThe California Horse Racing Board hasgranted dates for September 23 thru Dec. 30to the new Sacramento Harness Association,which will be headed by president RalphScurfield, former chairman of the CaliforniaHorse Racing Board. Chris Schick, longtimeCal-Expo official who built the track’s extensivesimulcasting network, will serve as generalmanager of the new group.HORSEMEN BETTER THINKJeff Gural, who has loaned Vernon Downs $1.5million in his quest to buy it, says he is “wavering”in view of a lack of horsemen’s support. Vernonhorsemen and their leaders had better stop playingpower games and start thinking.CONTROLLER JOB OPENA major member of HTA is looking for an experiencedcontroller. Call HTA at 529-2525.
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2005 - Harness Tracks of America, Inc.

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