George Must Go!

The Steinbrenner-backed group bidding for the New York racing franchise is revving up their PR campaign in advance of next week's deadline for bids.

[Steinbrenner son-in-law] Steve Swindal said redevelopment of New York racetracks into entertainment facilities with video lottery terminals would have a trickle-down effect on the industry and the economy. He said the involvement of Richard Fields, [whose company developed Seminole Hard Rock Casino and Hotel complexes in Tampa and Hollywood, Fla.], is an asset. "It's an overall development process that's quite impressive," he said.

I don't think this comment bodes well for the future of New York racing and its tracks should the Steinbrenner group get the franchise. Steinbrenner, a convicted pardoned felon, has become a tad less loathsome with age, but I suspect the family's experience with New York racing would more resemble what Steinbrenner managed to do with the family shipyard business (bankrupt it), rather than the good luck he's had with the Yankees (it would take a supreme idiot to lose money on that franchise).
On the bright side, however, I would be able to dust off and get some use out of my early-90s era "GEORGE MUST GO!" signs each time I head out for the sideshows (horse races) at the slots parlors formerly known as Aqueduct and Belmont Park.

Yankees Partner: Group Keen on New York Racing

Empire Building toward New York Racing Franchise

Churchill Downs and Magna Entertainment announced this week that they have joined Empire Racing’s bid to takeover the New York racing franchise currently held by NYRA. Empire Racing has previously announced the support of Delaware North (operator of Finger Lakes); Woodbine Entertainment (the Canadian racino operator); and Scientific Games (a pari-mutuel systems supplier). Empire Racing bills itself as “a group of visionary New York horsemen and breeders seeking to revive New York racing by securing the exclusive right to operate the three New York Thoroughbred racetracks (Aqueduct, Belmont and Saratoga1:place>).”
What’s not clear (at least I haven’t seen it reported anywhere yet) is who or what is the true financial power behind the folksy Empire Racing façade. What force has managed to bring all these competing interests to heel behind the bid? New York State comptroller Alan Hevesi put the value of the state racing franchise at $1 billion or more last September (which exceeds the combined market capitalization of both Churchill and Magna Entertainment). Who is ready to front this type of money for Empire Racing? Are New York horsemen and breeders sitting ready with access to a $1 billion warchest? None of the Empire Racing ‘supporters’ identified to date have been willing to discuss the terms of their involvement, but it doesn’t they are committed to putting major cash behind the bid. The parties simply seem to accept Empire as the inevitable winner of the franchise, and are just lining up behind the bid to gain whatever benefit they can. Who’s really pulling the strings at Empire Racing?

TBA blogger and Racing Saratoga correspondent Alan (of Left at the Gate) has some excellent points on the issue over at Saratoga Racing Daily.