Question for those in the know about Rockingham Park

[soupman2]

So the Rock will be gone August 31st. I was wondering why there is no talk of anyone taking over the OTB. I would think that would have some level of value. Right now they do the OTB, have a poker room, do events like fishing/hunting shows; UFC fights etc and of course BINGO. I would think that someone could set up a nice business continuing those things. Anyone know why that hasn't happened? Even more importantly, where the hell am I going to smoke my cigar this winter!

Bob

[Pcon04]

go to twin rivers the old lincoln downs.

smoke your brains out!!! It's a real gas chamber

in that simulcasting room.

[lamboguy]

Originally Posted by soupman2

So the Rock will be gone August 31st. I was wondering why there is no talk of anyone taking over the OTB. I would think that would have some level of value. Right now they do the OTB, have a poker room, do events like fishing/hunting shows; UFC fights etc and of course BINGO. I would think that someone could set up a nice business continuing those things. Anyone know why that hasn't happened? Even more importantly, where the hell am I going to smoke my cigar this winter!

Bob

Seabrook is still open for now, the deal to sell that place to Kraft fell apart.

[soupman2]

Originally Posted by lamboguy

Seabrook is still open for now, the deal to sell that place to Kraft fell apart.

To sell Seabrook to Kraft or Rockingham? Thought the Rock was already sold to the Tuscan Kitchen guy.


Never mind. I found it. The power of google.....

[lamboguy]

Originally Posted by soupman2

To sell Seabrook to Kraft or Rockingham? Thought the Rock was already sold to the Tuscan Kitchen guy.


Never mind. I found it. The power of google.....

Kraft was supposed to buy Seabrook, but there was to much wetlands there.

The Rock has been a very sad place now for many years, the memories will always be great though from the Lou Smith days.

[soupman2]

But again, am I missing something? Shouldn't the OTB have value? Doesn't the state make money on that? Why wouldn't someone want to purchase the OTB and set up shop?

[Pensacola Pete]

Originally Posted by soupman2

But again, am I missing something? Shouldn't the OTB have value? Doesn't the state make money on that? Why wouldn't someone want to purchase the OTB and set up shop?

Mainly because they can't keep the profits. Rockingham is run under the New Hampshire Racing and Charitable Gaming Division, meaning that it's not-for-profit. All profits go to charities and similar worthy causes. There are other tracks that are non-profit (i.e. Prairie Meadows).

It came down to this: the land is worth more developed into other ventures than it is sitting there 90% unused. Arlington park will probably go the same route after Dick Duchossois passes on.

This doesn't prevent the licensed charities to seek other alternatives, such as setting up shop in a new building. While poker, bingo, and simulcasting are fairly beaten to death in New England (other gaming isn't allowed), it would still generate a few million per year for charities. These charities are undoubtedly looking for a new venue or venues to use their licenses.

[soupman2]

Got you. Thanks Pete.

[Milkshaker]

Originally Posted by Pensacola Pete

Mainly because they can't keep the profits. Rockingham is run under the New Hampshire Racing and Charitable Gaming Division, meaning that it's not-for-profit.

My understanding is this is not quite true. The card games and bingo are definitely not-for-profit. The simulcasting is, and always has been, for profit.

And even in the case of the cards/bingo, Rockingham has "agreements" with the hand-picked charities that it selects to receive the funds. These agreements can include fairly sneaky (in my opinion) "management fees" for acting as the middleman to funnel the funding to these charities.

[lamboguy]

Originally Posted by Milkshaker

My understanding is this is not quite true. The card games and bingo are definitely not-for-profit. The simulcasting is, and always has been, for profit.

And even in the case of the cards/bingo, Rockingham has "agreements" with the hand-picked charities that it selects to receive the funds. These agreements can include fairly sneaky (in my opinion) "management fees" for acting as the middleman to funnel the funding to these charities.

your understanding is 100% correct.

[soupman2]

Well I went right to the source to get an answer. It seems the simulcast/gambling license are non-transferable. If someone wanted to "take over" and run the combination OTB they would have to start the process all over with, as they put it, "the wonderful people we have representing us in Concord". So they would have to get approval for the operation in a state where they couldn't get a casino approved on property that held gambling on its site for over 100 years. In other words it wouldn't happen.

My sincerest hope is the new land owner builds so many condo's that the newbies overburden the towns facilities and the taxes get raised. The new commercial strip malls stay empty and the place just fills with car dealerships and junk yards. Oh yes, and the traffic becomes unbearable.

Ok, I feel better now.

[elhelmete]

Originally Posted by soupman2

Well I went right to the source to get an answer. It seems the simulcast/gambling license are non-transferable. If someone wanted to "take over" and run the combination OTB they would have to start the process all over with, as they put it, "the wonderful people we have representing us in Concord". So they would have to get approval for the operation in a state where they couldn't get a casino approved on property that held gambling on its site for over 100 years. In other words it wouldn't happen.

My sincerest hope is the new land owner builds so many condo's that the newbies overburden the towns facilities and the taxes get raised. The new commercial strip malls stay empty and the place just fills with car dealerships and junk yards. Oh yes, and the traffic becomes unbearable.

Ok, I feel better now.

That happened already.