Stan Bergstein: who paid Sports Complex's bills?

[The_Knight_Sky]

New Jersey's racing industry deserves answers

TUCSON, Ariz. – I am neither happy nor pleased to have to gnaw on this battered bone again, but I have to keep at it or I might bite both of its owners. Make that three. I don’t know the others involved on the now infamous Hanson Commission, and I don’t savage strangers.

The three are Chris Christie, governor of New Jersey and aggressively and ambitiously looking for more; Jon Hanson, his very successful real estate hatchet man who knows all about the potential profit of the Meadowlands from his days as top boss there; and Bob Mulcahy, valued and admired as a friend during the 19 years he ran the Meadowlands and made his reputation there, but now, as far as known, not lifting a finger to save it.

These three powerful men, charged with public trust, seem to be flagrantly flouting it. They are threatening to throw thousands out of work and destroy careers and an industry and environmental treasure on the pretense of saving their state money.

read full column at DRF:
http://www.drf.com/news/new-jerseys-...serves-answers

[The_Knight_Sky]

This came up on Google. An article from 2003 when George Zoffinger was leading the NJSEA under then governor McGreevy. This is likely just the tip of the iceberg.

And we wonder why the NJSEA has been so silent while their own employees
and business is about to go under.

http://www.allbusiness.com/human-res...1138410-1.html

(Former NJSEA CEO) Zoffinger, a wealthy banker, investor and real estate executive who lives on proformas and profit-and-loss statements, took the $197,800-a-year job in March 2002 and brought to the task a big broom and a determination to run the operation as a business. The 55-year-old Zoffinger says McGreevey told him "three things - cut out the waste, do what you think is right for New Jersey and don't spend money."

He says that he found some $880,000 worth of tickets for Nets, Giants and jets games unaccounted for, top management people pulling up to the authority's gas pumps to fill their private cars, free dinners and drinks at the Pegasus Restaurant at the Meadowlands Racetrack, a whopping $11 million spent to create the Winners Circle Restaurant. "Nobody in their right mind would build an $11 million restaurant in Continental Arena that would be used only 180 days a year," he muses. "You'd have to charge $300 for a stringbean. It's absurd."

The new top executive found that the $90-million Giants Stadium still had some $150 million in debt. The NJSEA loses $80,000 on every Devils game and $31,000 on every Nets game - for a $4 million drain on the budget every year. He says past administrations have run up food bills of $46,000 a year on the state's top executive's suite. "Gov. McGreevey, for example, had only $1,500 and that had a lot to do with the Notre Dame game here, when he hosted the university's president," explains Zoffinger. "The governor has a suite here and tickets for the seats there, but if he gives those out, the guests pay for their own food."

[onefast99]

Christi has a lot to lose here if there are any indications that the Hanson commission is a front for any of its members self serving motives. Based on several articles including the one you took excerpts from it is becoming evident that the sole purpose of the Hanson commission is to make the NJSEA look like an organization who cannot police itself, or run the states horse racing industry in a profitable form. The fact that Hanson made a bold statement that Monmouth Park lost monies without any proof is now something that needs to be proven otherwise by the NJSEA and its present members. We are less than a month away on the NJSEA's ability to rebutt any negative statements made by the commission.

[The_Knight_Sky]

Originally Posted by onefast99

The fact that Hanson made a bold statement that Monmouth Park lost monies without any proof is now something that needs to be proven otherwise by the NJSEA and its present members.

Hanson's made a ton of statements without any proof or research.
The blind is leading the blind. He has lost credibility with anyone
with an ounce of common sense.

A bit of hilarity from the article:
... a whopping $11 million spent to create the Winners Circle Restaurant. "Nobody in their right mind would build an $11 million restaurant in Continental Arena that would be used only 180 days a year," he muses.

Is this restaurant still in business in the Izod Center?

[The Hawk]

Originally Posted by The_Knight_Sky

Hanson's made a ton of statements without any proof or research.
The blind is leading the blind. He has lost credibility with anyone
with an ounce of common sense.

A bit of hilarity from the article:
... a whopping $11 million spent to create the Winners Circle Restaurant. "Nobody in their right mind would build an $11 million restaurant in Continental Arena that would be used only 180 days a year," he muses.

Is this restaurant still in business in the Izod Center?

I've been to that restaurant, when it first opened. It looked like you could have built it for $11,000.

[onefast99]

Originally Posted by The Hawk

I've been to that restaurant, when it first opened. It looked like you could have built it for $11,000.

I am sure that this was a no-bid job. Was Mulcahy around then?

[Figman]

A closer look at Jon Hanson's report:

http://tiny.cc/x659m

[Figman]

Try this link.

http://www.harnessracing.com/news/ac...onsreport.html

[The_Knight_Sky]

Originally Posted by Figman

Try this link.

http://www.harnessracing.com/news/ac...onsreport.html

Thanks for posting that Figman.
That's an adroitly written piece by Kathy Parker.
The Hanson's Reports are full of holes. It won't be long before he comes out with more drivel in the media before New Years day.

____________________________

The amount of any taxpayer subsidy for horse racing hasn’t been independently verified by any source. We’re stuck with the accounting of the NJSEA, and now Hanson. And for those who want to call the purse supplement a subsidy, just remember that this really was nothing more than a business deal between the casino industry and the horse racing industry, although it was negotiated by the state. The purse supplement money was paid by the casinos in exchange for the horse racing industry agreeing to refrain from lobbying for video lottery terminals at the state’s racetracks.

More money matters without any kind of independent scrutiny follows. The latest Hanson report reads: “Our recommendations are based upon the latest sobering financial results for horse racing in New Jersey. During 2010, even with significant attendance and handle gains from the creation of the Monmouth Park Elite Meet, on-track losses at Monmouth Park alone are projected at approximately $6.6 million. The Meadowlands Racetrack is expected to experience an estimated loss of an additional $11 million in 2010.”

For the second time, the Hanson report fails to put the estimated $10 million in profit from off-track betting and phone betting against the raw “losses” it says are on the books for the two racetracks. The first Hanson report also conveniently chose to do its accounting without applying all of the income from racing against racing operations expenses.

So what will the loss really be at the Meadowlands this year? Who knows? When the first Hanson report suggested leasing the Meadowlands for $1 or selling it, the Standardbred Breeders and Owners Association of New Jersey quickly requested the latest financials for the Meadowlands racing operation. They are still waiting for the overall financials, although they do receive their regular reports regarding the status of the purse account.

State legislators also requested the NJSEA’s racing financials as part of their due diligence in researching racing legislation. They reportedly received information but found it impossible to get an accurate read on what it truly cost to run racing at the Meadowlands and Monmouth. And there are still rumors that non-racing related NJSEA expenses are put against racing operations.

[Spiderman]

Its typical Christie. He has a self-serving agenda and knack for promoting his own truth.

Obvious from the postings here that there is not open disclosure. racing is treated poorly at the Meadowlands. The simulcast center closes when a football game is scheduled. The Big M is closed even if it is a night game. Security questions you at the entrance as to where you are going. How much income is lost by that?

[The_Knight_Sky]

Originally Posted by Spiderman

The simulcast center closes when a football game is scheduled.
The Big M is closed even if it is a night game.

I've spent many sleepless nights why an entire sports stadium is demolished
and a brand new one is rebuilt. Yet The Meadowlands simulcast patrons still can not have their own 200 car parking lot designated for themselves on Sundays.

Someone was not thinking over the years.

The onus fall on the current NJSEA officials to clean up the mess set by
their predecessors. So many officials have come and gone and so have the funds since 1976 when the racetrack was built at the cost of $100 million.

And to think that The Meadowlands Racetrack is "on the block for $1"
and no buyer has come forward. Of course there would be a buyer if the reports were clean and honest. But it may never be satisfactory.

Instead we have a major industry suffering and about to be ousted
so Hanson's Casino pals can come in and put up a casino(s) before Super Bowl 2014. Shameful and devious.

[The Hawk]

Originally Posted by onefast99

I am sure that this was a no-bid job. Was Mulcahy around then?

Not sure, It was around five years ago or so, maybe seven years?

[The_Knight_Sky]

This just in - moments ago:

Lawmaker wants to expand NJ account wagering

TRENTON, N.J. (AP) — A New Jersey assemblyman wants to open up New Jersey's account wagering system for horse racing to bettors outside New Jersey.

Assemblyman John Burzichelli said Wednesday that the bill he's introduced is an effort to ensure a viable racing industry in the state.

The Gloucester County Democrat's bill is co-sponsored by Republican Ronald Dancer of Ocean County.

Current law permits state residents to establish wagering accounts through the New Jersey Sports and Exposition Authority. Account holders can bet on races over the Internet or by phone. But the system isn't open to nonresidents.

_____________________

I applaud the various measures in the legislature.
But still, The New Meadowlands Stadium, Izod Center, Wildwood Convention Center should all be able to carry their end of the bargain.

This has got to be the hokiest arrangement in the nation.
Does Hollywood Park pay the bills for the Inglewood Forum, next door?

[The_Knight_Sky]

http://hallnj.org/index.php/topics/5...f-horse-racing

Now Tom Luchento joins in by questioning the NJSEA expeditures over the years.

For more than three decades, the Meadowlands Racetrack also served as the cash register of the Sports Complex, paying off the debt service for the track, arena and stadium. It also allowed the New Jersey Sports & Exposition Authority to take on construction projects in other parts of the state.

The Sports Complex uniquely was built without taxpayer dollars and helped to bring world-class events to New Jersey, which suffered from a negative identity crisis. All of the use, some would say misuse, of the hundreds of millions of dollars churned by bettors at the Meadowlands to enhance the state seems to be forgotten in the current discourse.

Some of us may be farmers, but we are not unaware of the hard political and economic decisions that need to be made.

Nothing, however, explains why New Jersey sits on the sideline and resists putting slots into the Meadowlands, easily the most ideal location in the country, only eight miles from Manhattan. Perhaps this lack of action is based on greed, a plan to “wait us out” and build a grand casino without racing participating or benefiting from alternate gaming as is the case in other states.

[Jackal]

Since NJ has a new stadium they don't need the Meadowlands any longer. The taxpayers can pay the large bill still owed on the old stadium.