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, EditorPOMPANO BACK, POST-WILMAPompano Park reopens for live racing tonight, sixweeks after being devastated by Hurricane Wilma.The poker room opened at noon, first post is 7:25,and admission and general parking are free. Thetrack will race Wednesdays, Fridays and Saturdaysand will be open seven days a week for simulcasting.SPECTOR STILL IN HUNTA federal judge has ruled, over objections of Mid-State Raceway, the parent of Vernon Downs, thatOneida Entertainment can stay in the race for thebeleaguered central New York harness track.Oneida, which is backed by a Connecticut assetmanagement company and Eric Spector, whobriefly was the track’s CEO. received only minimalvotes in a poll of shareholders, but the judgesaid it would be inappropriate to dismiss their reorganizationplans before a hearing on Dec. 16.The judge presumably will choose a winner in thecompetition on that date.In another development involving Jeff Gural andTioga Park, which would be tied into Vernon as acircuit under Gural’s plan, his Southern Tier Acquisitionand TrackPower closed on their financingdeal with Nevada Gold & Casinos, Inc. to formAmerican Racing and Entertainment. The twocompanies each contributed $1.5 million to AmericanRacing for membership interests in that group,which nominally will own and operate the track andracino at Tioga in Nichols, New York. Nevada Goldwill own a 50% interest, Southern Tier Acquisitiona 25% share, and TrackPower 25%. NevadaGold, under the agreement, will contribute $10million in new equity to American Racing, andAmerican Racing is seeking senior note financingfor $70 million to complete the buildout of TiogaDowns and Vernon Downs. If they don’tget Vernon, they will continue plans withTioga on a reduced scale of financing.December 2, 2005SCREWING IN A LIGHTBULBHow many racing organizations does it take toscrew in a lightbulb? At least three or more, ifyou’re talking about lighting up racing security.There is, of course, the existing combination ofThoroughbred Racing Protective Bureau and StandardbredInvestigative Services. Then there isthe Association of Racing Commissioners, whichwould like to get in on the act. And there is theNTRA, which hopes to finally get around to itsOffice of Wagering Integrity, which stumbled whenthe redhead first appointed to run it quit in shortorder, and Rudy Giuliani stepped in for a millionor so to consult and guide, and recommendedNTRA go forward with that idea. Racing lovesthis multiple approach to problems. It has twoseparate organizations of racing commissioners,so why not three security organizations? There iscomfort in numbers.GERTMENIAN THE LANDLORDIn the aftermath of the downfall of WayneGertmenian as leader of the Jockeys’ Guild, it turnsout that under the contract now abrogated the Guildhas been paying $4,000 a month to Gertmenian torent their own offices and an adjacent office forGertmenian’s one-man company, Matrix CapitalCorporation. The Guild’s lawyer, Barry Broad,called this “oppressive,” and the Guild has movedfrom Monrovia to Duarte, rented a 2,000-squarefoot office instead of Gertmenian’s 1,800-squarefeet, and costs $1,706 plus utilities instead of$4,000 a month. See what a PhD can do for you?SHAPIRO NEW CAL CHAIRMANCommissioner Richard Shapiro has been electedby his colleagues to take over as chairman of theCalifornia Horse Racing Board in 2006. It washis second vote of confidence in three months. OnSept. 1, he was confirmed by the California Senateby a 39-0 vote.
HARNESS TRACKS OF AMERICAExecutive NewsletterA daily fax and e-mail report on racing and gaming developments in North America and beyondStanley F. Bergstein, EditorWILL SUN RISE IN FLORIDA?The Florida legislature reconvenes today in dayone of their five-day special session, and slots inBroward county will be one of their principal concerns.No one really knows what will happen betweentoday and Friday, and even Allan Solomon,executive vice president and general counsel ofIsle of Capri Casinos, which owns and operatesHTA member Pompano Park, isn’t certain. Hetold the South Florida Sun-Sentinel, “I’m notsure I can make the best wager on how all thisgets done.” Leaders in the House released a 44-page bill last Friday that would allow for Vegasstyleslots, but limits them to no more than 1,000per venue, with a 55% flat tax, proceeds thatwould by law be spent on education by the state.The Senate is considering a 45% tax rate andpossible sliding scale, which could help tracks byproviding a greater share in the first few years ofoperation. The House wants a minimum age of21, with 16 hours of play a day, year-round, and85% returned to players. The St. PetersburgTimes is predicting legislative approval. No oneis talking much about the threat of enabling legislationbeing passed this week and then havingit nullified by a statewide repeal vote next November,something Gov. Jeb Bush and the leaderof both houses support. When Dan Adkins of HollywoodGreyhounds was asked about it, he said,“The only way I can address that is that I’m in arace with blinkers on. I’ll deal with the next raceafter this one’s resolved.” Bush claims voters inFlorida didn’t know that in voting to allow slots inBroward county they also were opening the doorto expansion at seven Indian casinos in thatcounty and four others. The proposed tax rate,whether House or Senate version or a compromise,would be the highest in the country otherthan Rhode Island, which has a 61% rate, accordingto a Florida legislative staff report,that also says seven states allowingslots average 35% in taxes.December 5, 2005DECISION WEEK IN NY, TOOFlorida is not the only racing state with muchhanging in the balance this week. In NewYork, the New York Racing Association shouldknow by the end of the week if it will have tofile for Chapter 11 bankruptcy to continueoperating. President Charles Haywardshowed up in the Aqueduct press box Saturdayand told writers that if the association didnot get help from the state this week -- somethinghe will appeal for tomorrow beforeCarole Stone, chairwoman of the oversightpanel appointed by Gov. George Pataki -- itwas likely NYRA would file for bankruptcyprotection this month. Hayward said filingwould “give us a little room to breathe, and Ithink in terms of running the races, it shouldjust be business as usual.” Breathing time wasnot on the mind of Senate majority leader JoeBruno, however. He called for the NYRA franchiseto be awarded in the next six months,rather than waiting for it to expire at the endof 2007. “Let’s do it sooner rather than later,”he told Tom Precious of Blood-Horse.AND A DEADLINE IN MD, TOOActually, the deadline in Maryland was missed.The racing commission had given the MarylandJockey Club until last Thursday to reach agreementwith horsemen, but that date passed withoutsuccess. Now the issue hopefully can be resolvedbefore the commission’s next meeting a week fromtomorrow. Expense-sharing reportedly is the majorsticking point, with tracks wanting to be reimbursedfor expenses in producing the show.ARNEAULT, BLACK WANT MTRTed Arneault, CEO of MTR Gaming Group, andexecutive vice president Robert Blatt have extendeda takeover offer of some $258.4 million toshareholders of MTR Gaming Group. MTRshares rose $1.84, or 23%, closing at $9.73on the Nasdaq.
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2005 - Harness Tracks of America, Inc.

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