Thoroughbred Racing-NY, a joint venture between Wynn Resorts and Chairman and CEO of Vornado Realty Trust, Steve Roth, is one of six companies that have submitted proposals for New York State’s thoroughbred racing franchise and video lottery terminals. The New York Racing Association’s term ceases on 31 December and a committee formed under former governor Pataki had recommended that the franchise go to Excelsior. Governor Spitzer, however, wants to review the companies’ qualifications on an integrity basis.

There are now six bids for the new management contract that is likely to be a very lucrative one for the winner. Besides Thoroughbred Racing-NY another new entry before the deadline was Catskill Regional Off-Track Betting. The company’s president believes that the revenue from the franchise should be channelled to the state and local governments, and that its bid could mean the formation of a public benefit corporation.

The other four contenders are Empire Racing of Saratoga Springs, which runs Churchill Downs; the New York Racing Association, which has held the franchise since 1955; Capital Play, an Australian consortium based in New York; and Excelsior, led by a partner in New York Yankees. A panel convened by Governor Spitzer will review the six bids after each company outlines it proposals.
(E-03.09.07)

© Copyright 2007 CasinoCompendium



>>> return to archives
>>> return to frontpage