Back to the Future: plans revealed for Meadowlands racino

[The_Knight_Sky]

Casino, convention center proposed for Meadowlands Sports Complex (http://www.northjersey.com/topstories/carlstadt/Chamber_unveils_two_visions_for_Meadowlands_.html) by John Brennan

The proposal by the Meadowlands Regional Chamber of Commerce — actually two similar plans — comes as the fate of both the Meadowlands track and the Izod Center are on the table.

New York harness track owner Jeff Gural is trying to raise $100 million by April 1, mainly for construction of a new, smaller grandstand closer to Paterson Plank Road, and take over operation of the track. Triple Five, the parent company of Mall of America in Bloomington, Minn., has had discussions with state officials about taking over management of the arena as well as the dormant Xanadu project.

Governor Christie also has relegated the idea of a casino or racino — slot machines at the racetrack — to the back burner while he focuses on a revival of Atlantic City, whose 11 casinos have opposed losing their statewide gaming monopoly.

http://i53.tinypic.com/t8urkl.jpg

enlarged view of proposed changes to Sports Complex pdf file (http://sboanj.com/pictures/plan.pdf) (may take a minute to load)

[The_Knight_Sky]

For the record there are two plans proposed. I prefer the first one at the top. The second one has something called an indoor water park nonsense.

Anyway it's great that the heat is being kept on the major issue of revitalization of the Sports Complex. NJ cannot keep waiting on Atlantic City to snap out its doldrums.

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Jon F. Hanson, Christie’s adviser on the state’s sports and entertainment industry components, noted Monday that his report issued last summer “does not allow for additional gambling out of Atlantic City, period.”

But chamber President Jim Kirkos said it still was urgent to kick off comprehensive long-term redevelopment discussions now.

[The_Knight_Sky]

Update: Still need $50 million in the next 21 days. (we should all pitch in ;) )

GURAL’S MEADOWLANDS MID-MARCH UPDATE
NICHOLS, NY – March 9, 2011 – Jeff Gural issued the following statement this afternoon:

I promised a quick update on the progress in leasing the Meadowlands prior to the March 15 stakes payments. The good news is that we continue to make progress in finalizing the plans, and I have several groups interested in investing with us in the project.

We would still have to raise $40-$50 million in debt over and above the same amount of equity which I think may be doable. Any deal we make, however, is subject to obtaining concessions from the unions, as well as concessions from the state and I expect to have those discussions sometime next week.

I honestly believe that this will all come to a head by the end of the month so, at a bare minimum, the suspense will be over and you will be able to plan accordingly for the race season.

I would hope that people would continue to support the stakes program and, as I said previously, the Hambletonian and the Oaks will definitely go on as scheduled along with possibly some other stakes but obviously that is not the answer we are all looking for.