Re: Magna Loses $87 Million and forms Partnership with CD (554 Views)
Posted by:
richiebee (IP Logged)
Date: March 06, 2007 07:08PM
Interestingly, Magna (Auto Parts Division) was mentioned today as a possible
purchaser of Chrysler.
I went from disliking Frank Stronach to thinking that he was the only
individual who could turn NY Racing around. Unfortunately the dynamic free
spending visionary always must answer to the shareholders. In the end Frankstro
should have been happy with a major oval in California and a major oval in
Florida, but he tried to have it all. He went into a no-win situation in
Michigan and, er ... he didn't win. And now after pouring a good deal of cash
into Laurel, Maryland voters/politicians won't let him have slots.
Tough business. Laurel (Pimlico) and Hawthorne both discussed recently in terms
of "needing slots to survive". Will Saratoga, Del Mar and Keeneland end up as
the only "stand-alone" racetracks?
Stange that 2 of the places which seem to be moving forward are Tampa Bay Downs
(good surface, better trainers beginning to stable there, world's worst
racecaller) and Oaklawn. Both are, I believe, family owned concerns. Of course
they are running short meets during desirable dates, and not assuming the cost
of much off season stabling.
Would a CD/Magna partnership be a good fit for NY? I would allow them a shot,
making 2 conditions: (a)they take on a gaming partner to run the VLTs and
administer the non- racing aspects of the facility and (b) they should be
required to retain NYRA employees who have stood their watch and gotten results.
Whoever gets to take the reins, and whenever the transition occurs, NY needs to
have a strong statute or set of regulations governing racing in this state.
Here is where it gets said that NY will have the most stringent medication
restrictions; that racing will only be conducted x days per year; that takeout
will be limited; that stall allocations will be adjusted to favor outfits with
productive stalls; that state breds will eventually be integrated into the
general horse population.
Is claustrophobic state regulation the answer? Did it work in Vegas?