Steve Wynn joins the race with Thoroughbred Racing-NY

[clevfan]

TWO NEW BIDS JOIN RACE
By ED FOUNTAINE
NY POST


March 9, 2007 -- Thoroughbred Racing-NY, a joint venture being formed by gaming mogul Steve Wynn, and Catskill Off-Track Betting Corp. are both latecomers in the race to take over the state's thoroughbred racing franchise and its proposed VLT casinos when the New York Racing Association's stewardship expires Dec. 31. Though both are longshots, neither can be ruled out as a contender.

In a statement issued yesterday, two days after Thoroughbred Racing-NY threw its hat into the ring by the deadline set by Gov. Spitzer, Wynn confirmed that "Wynn Resorts, Ltd. is partnering with Mr. Steve Roth (a personal friend of Mr. Wynn's and Chairman and CEO of Vornado Realty Trust) and that Mr. Wynn and Mr. Roth are putting together a group to bid on the management contract for the lottery terminals at the NY tracks (Aqueduct, Saratoga and Belmont)."

The law firm of Davidoff Malito & Hutcher, which represents Thoroughbred Racing-NY, said "a joint venture is being formed to submit a proposal to operate New York State's thoroughbred facilities" that also includes the Beverly Hills-based Bronson Companies, whose CEO, California developer Richard "Skip" Bronson, formerly worked with Wynn at Mirage Resorts, "as well as a major track operator with substantial experience in running thoroughbred racing facilities."

Peter Crouse, director of government relations for Davidoff Malito & Hutcher's office in Albany, did not identify that mystery track operator, saying, "I expect it will be much clearer in the next few days." Wynn Resorts does have a hotel-casino in the former Portuguese colony of Macau, China, where the Macau Jockey Club operates a racetrack, affiliated with the Hong Kong Jockey Club.

Whoever the racetrack operator is, Wynn and his partners have deep pockets and a successful track record in the gambling industry.

As for Catskill OTB, its entry could be a forerunner to the formation of a public benefit corporation in which the state itself would take over the racing franchise.

"The previous administration did not want to consider that, but I believe this administration will," said Don Groth, president of Catskill OTB. "We are no stalking horse, although we think we have the right plan. We wish to assure the flow of revenues from the new franchise holder to state and local government, in stark contrast to the bidders with dozens of public companies needing to find a return on their investment.

"Since it is New York racing, the money should be for New York. If you leave it to profiteers from out of town, it's hard to imagine them planning to honor that tradition."

New York City OTB president Ray Casey said he has discussed at length the advantages of a public benefit corporation taking over the racing franchise, and while NYC OTB isn't partnered with Catskill OTB at this point, Casey hasn't ruled it out.

[victorygallop]

you know that is a serious track in Macao.
change could be good.