2005 - Harness Tracks of America, Inc.

HARNESS TRACKS OF AMERICAExecutive NewsletterA daily fax and e-mail report on racing and gaming developments in North America and beyondStanley F. Bergstein, EditorCONFERENCE CALL TOMORROWWith the welter of relief efforts for HurricaneKatrina flowing all over the place, willy-nilly, includingsome scams, HTA and the NTRA will hosta conference call tomorrow, Wednesday, at 3 p.m.eastern daylight savings time, to update membertracks on the NTRA Charities - Racing to the RescueDay October 8 and attempt to coordinate plansas far as possible by all tracks participating in theeffort. If you plan to participate -- and we hopeyou do -- join the conference call at 3 tomorroweastern time, by calling 1-800-486-3317, with a conferenceID number of 6814000#.FIRST STEP TO OBLIVION?The city planning commission of San Mateo, California,after 15 meetings extending over severalmonths, has voted to recommend to the city councilthat 71-year-old Bay Meadows racetrack bedemolished to make room for housing, shoppingand office space. The Bay Meadows Land company,which recently bought Hollywood Park,wants to redevelop the 83.5-acre San Mateotrack into 1,250 residential units, 1.25 millionsquare feet of office space, and 150,000 squarefeet of retail space, with 15 acres of open spacefor aesthetics. Bay Meadows was built in 1934and its Bay Meadows Handicap was won in 1937and 1938 by Seabiscuit. Talk of redevelopmentof Bay Meadows has been going on for at least13 years, and track president Jack Liebau indicatedthere will be horse racing there for at leastseveral more, since in addition to city councilapproval, design plans and environmental reportsare required, and the Land Company itselfmust determine that housing and office space arethe best use of the property. Liebau said, “Themarket must be there,” and Daily Racing Formnoted that much of the office space built whenthe old stable area and training trackwere sold in the 1990s remains unoccupied.September 13, 2005NYRA OFF HOOK, FOR NOWThe New York Racing Association has beenspared prosecution for past sins, after the ActingU.S. Attorney Eric Corngold and statecomptroller Alan Hevesi announced that thefederal government was dismissing the Dec.4, 2003, indictment against NYRA. The actionon the deferred prosecution issue followedNYRA’s compliance with demands for restructuringsenior management, appointment of anindependent monitor, and payment of $3 millionin fines. The dismissal followed a favorablereport from the court appointed monitor,the law firm of Getnick and Getnick, whichfound reforms and remedial measures byNYRA warranted the government’s action.Hevesi, in announcing the dismissal, said,“The franchise to operate Saratoga, Belmontaned Aqueduct race tracks will be worth muchmore when it is put up for bid if the reformsachieved at the New York Racing Associationover the last two years are preserved and sustained.”$200 MILLION TO STAY PUTDetroit’s Greektown Casino, which has been talkingabout moving out of downtown Detroit, haschanged its mind and decided to spend $200 millionto upgrade its facility in the heart of the downtowndistrict. Greektown plans to build a 15-story,400-room hotel with 25,000 square feet of conventionspace; a 3,500-car parking garage; a 1,500-seat theater; and expand its gambling floor from75,000 square-feet to 100,000.RENDELL ACTS ON SCHOOLSAfter only 111 of Pennsylvania’s 501 school districtsagreed to accept slots money with strings attached,Gov. Ed Rendell has asked for legislation to overridethe other 390 and make them take it, so he cancarry through on his property tax reduction law.The school boards are not happy, one membercalling Rendell “a dictator.”