Pimlico rebuild becomes reality

[racenomics]

Originally Posted by bisket

Stronach was contractually forced to put in the application, but it was up to Defrancis to finance it, since he would get the proceeds from a casino. The legislature told Defrancis with the contract between Stronach and Defrancis, the casinos wouldn't be at the tracks. After the casinos were built elsewhere, the horseman formed an organization. The legislature put the purse enhancements form casino revenue in the horseman's organizations name. 1st Racing would come to the horseman every year to get money from the fund to operate the tracks. Of course the horseman would give them the money if they increased racing days. 1st racing wanted decrease days and have higher purses, but they didn't have control of the money, so they had to have more racing days lol. This is why the legislature was open to the horseman running the tracks. They were essentially already doing it. Plus the horseman had the foresight that casino revenue was required and Stronach didn't. This is why 1st racing doesn't own the tracks anymore. They were essentially pushed out.

THAT explains why Laurel dosen’t have 1 race that anyone ships in for anymore. Short sighted horsemen let the Laurel brand go down the toilet by having no relavent races just for a little extra $ that shippers wouldn’t get.

If they were smart they would have a million dollar race on opening day of the new Pimlico. I’m not holding my breath however

[Ruffian1]

Originally Posted by bisket

Stronach was contractually forced to put in the application, but it was up to Defrancis to finance it, since he would get the proceeds from a casino. The legislature told Defrancis with the contract between Stronach and Defrancis, the casinos wouldn't be at the tracks. After the casinos were built elsewhere, the horseman formed an organization. The legislature put the purse enhancements form casino revenue in the horseman's organizations name. 1st Racing would come to the horseman every year to get money from the fund to operate the tracks. Of course the horseman would give them the money if they increased racing days. 1st racing wanted decrease days and have higher purses, but they didn't have control of the money, so they had to have more racing days lol. This is why the legislature was open to the horseman running the tracks. They were essentially already doing it. Plus the horseman had the foresight that casino revenue was required and Stronach didn't. This is why 1st racing doesn't own the tracks anymore. They were essentially pushed out.

I appreciate the feedback. I was gone by then and never knew the in’s and outs.
Sounds like Joe , Karen and all involved structured the sale to help themselves and not the game.
Can’t say I’m shocked.
Thanks for enlightening me on the subject.

[Ruffian1]

Originally Posted by racenomics

THAT explains why Laurel dosen’t have 1 race that anyone ships in for anymore. Short sighted horsemen let the Laurel brand go down the toilet by having no relavent races just for a little extra $ that shippers wouldn’t get.

If they were smart they would have a million dollar race on opening day of the new Pimlico. I’m not holding my breath however

The problem horsemen faced with million dollar races was the money always left the state. The backbone of racing was doing all the heavy lifting for the big wigs.
It was a real catch-22.
That’s what made Md. Million so successful.
Summer racing also drastically reduced field size. Md. Started running in the summer and everyone else started running in the winter. They collectively shot one another in the foot.
Back in the day Bowie was totally packed on Saturdays IN THE WINTER.
Nobody could agree on anything and our HBPA couldn’t agree on what to serve for dinner much less any agenda. Once I was part of that, the whole underbelly was there for me to see. I was young and wondered, what the heck did I get in the middle of?

[classhandicapper]

I know we are all racing fans, but I'm having a tough time figuring out why 100s of millions of dollars are being spent on new facilities for an industry that's dying in the US despite 100s of millions of dollars of casino profits being diverted to it. Even if the goal is to build more diverse entertainment centers that draw more people, it will not be racing that's bringing in those people. So why does it even have to be part of it?

There was a time when racing was the only legal gambling game around. Now there are scratch-off lottery tickets, lotto, casinos all over the place and growing legal sports gambling on all the major sports. Betting on racing is not a major activity anymore (other than for computer teams). It's more of a niche sport with a handful of marquee meets and races that the public cares about. In 10-15 years it may need a DNR.

[bisket]

Originally Posted by racenomics

THAT explains why Laurel dosen’t have 1 race that anyone ships in for anymore. Short sighted horsemen let the Laurel brand go down the toilet by having no relavent races just for a little extra $ that shippers wouldn’t get.

If they were smart they would have a million dollar race on opening day of the new Pimlico. I’m not holding my breath however

LOL Pimlico has a 4million dollar race weekend every year the 3rd Friday and Saturday in May. Lots of shippers, the farms come dressed in their Sunday best, dreaming of the day they breed a horse talented enough to run in the Preakness, yet win it. The backside breaks out their Saturday night dress pants, John Travolta club shirt, and their roach killers, hoping to win a few thousand for the best turned out horse. The party animals come for the free concert and beer. The owners and trainers have their best stock ready to run, and hope to get in the winners circle on Balck Eyed Susan and Preakness day. The local channel televising the Preakness, starts their show at 11am. All the anchors dressed to the nines showing how much fun Preakness can be. Only problem is this all takes place in dump that was once Alfred Vanderbilt"s pride and joy. Now it's held together by a few portable generators producing power, and an infrastructure that crumbles by the day. It's either Laurel or Pimlico. It's Pimlico mostly because the land isn't worth squat, while Laurel can be sold to developers.... Everyone is looking forward to the day we can all come to a track we're proud of again.

[Ruffian1]

Originally Posted by bisket

LOL Pimlico has a 4million dollar race weekend every year the 3rd Friday and Saturday in May. Lots of shippers, the farms come dressed in their Sunday best, dreaming of the day they breed a horse talented enough to run in the Preakness, yet win it. The backside breaks out their Saturday night dress pants, John Travolta club shirt, and their roach killers, hoping to win a few thousand for the best turned out horse. The party animals come for the free concert and beer. The owners and trainers have their best stock ready to run, and hope to get in the winners circle on Balck Eyed Susan and Preakness day. The local channel televising the Preakness, starts their show at 11am. All the anchors dressed to the nines showing how much fun Preakness can be. Only problem is this all takes place in dump that was once Alfred Vanderbilt"s pride and joy. Now it's held together by a few portable generators producing power, and an infrastructure that crumbles by the day. It's either Laurel or Pimlico. It's Pimlico mostly because the land isn't worth squat, while Laurel can be sold to developers.... Everyone is looking forward to the day we can all come to a track we're proud of again.

LOLOL. The old Roach stompers.

You must have known some of us in the late 70's-80's-90's or been part of it.

I think you were a Pimlico guy.

You know too much. Hahaha.

[JustRalph]

So, who’s actually paying for this boondoggle?

[racenomics]

Originally Posted by bisket

LOL Pimlico has a 4million dollar race weekend every year the 3rd Friday and Saturday in May. Lots of shippers, the farms come dressed in their Sunday best, dreaming of the day they breed a horse talented enough to run in the Preakness, yet win it. The backside breaks out their Saturday night dress pants, John Travolta club shirt, and their roach killers, hoping to win a few thousand for the best turned out horse. The party animals come for the free concert and beer. The owners and trainers have their best stock ready to run, and hope to get in the winners circle on Balck Eyed Susan and Preakness day. The local channel televising the Preakness, starts their show at 11am. All the anchors dressed to the nines showing how much fun Preakness can be. Only problem is this all takes place in dump that was once Alfred Vanderbilt"s pride and joy. Now it's held together by a few portable generators producing power, and an infrastructure that crumbles by the day. It's either Laurel or Pimlico. It's Pimlico mostly because the land isn't worth squat, while Laurel can be sold to developers.... Everyone is looking forward to the day we can all come to a track we're proud of again.

I’m talking about Laurel

[ScottJ]

Originally Posted by classhandicapper

I know we are all racing fans, but I'm having a tough time figuring out why 100s of millions of dollars are being spent on new facilities for an industry that's dying in the US despite 100s of millions of dollars of casino profits being diverted to it. Even if the goal is to build more diverse entertainment centers that draw more people, it will not be racing that's bringing in those people. So why does it even have to be part of it?

There was a time when racing was the only legal gambling game around. Now there are scratch-off lottery tickets, lotto, casinos all over the place and growing legal sports gambling on all the major sports. Betting on racing is not a major activity anymore (other than for computer teams). It's more of a niche sport with a handful of marquee meets and races that the public cares about. In 10-15 years it may need a DNR.

Many of us know the story of Saratoga, but it is still worth your time to read this article.

https://www.thoroughbredracing.com/a...tion-saratoga/

The reinventions of both Pimlico and Belmont need "just" one more ingredient which might be the hardest to find : they both need their own Marylou Whitney.
Maybe Mike Repole can do that in New York. Maybe there is another name that can take the golden ring.

So, when we think about spending millions, the cost of the industry's complete collapse will be measured in the billions. Just like Saratoga rose like a phoenix, the dream is there that it can happen once again. I, for one, really hope that it does.

[bisket]

Originally Posted by racenomics

I’m talking about Laurel

No way racing can afford Laurel and Pimlico. It’s one or the other. The reason Laurel doesn’t have a day like this is because The Breeders Cup took Laurel’s shine 30 years ago. At this point the only track that’s gonna survive is the one that’s land isn’t worth money. That would be Pimlico.

[bisket]

Originally Posted by classhandicapper

I know we are all racing fans, but I'm having a tough time figuring out why 100s of millions of dollars are being spent on new facilities for an industry that's dying in the US despite 100s of millions of dollars of casino profits being diverted to it. Even if the goal is to build more diverse entertainment centers that draw more people, it will not be racing that's bringing in those people. So why does it even have to be part of it?

There was a time when racing was the only legal gambling game around. Now there are scratch-off lottery tickets, lotto, casinos all over the place and growing legal sports gambling on all the major sports. Betting on racing is not a major activity anymore (other than for computer teams). It's more of a niche sport with a handful of marquee meets and races that the public cares about. In 10-15 years it may need a DNR.

I understand and hear what you’re saying. Maryland has the nations attention once a year. You think of racing as only the major leagues. Maryland is comfortable the other weeks of the year with the meat and potatoes of racing. We’re triple A. We have our own farms and we have our own track. Other than Preakness, we’re good with circling our money from the breeding farms to the trainers and backside. The state takes their money and they get a place to safely hold big events and festivals during the summer.

[castaway01]

Originally Posted by JustRalph

So, who’s actually paying for this boondoggle?

Bonds issued by the state of Maryland

[racenomics]

Originally Posted by bisket

I understand and hear what you’re saying. Maryland has the nations attention once a year. You think of racing as only the major leagues. Maryland is comfortable the other weeks of the year with the meat and potatoes of racing. We’re triple A. We have our own farms and we have our own track. Other than Preakness, we’re good with circling our money from the breeding farms to the trainers and backside. The state takes their money and they get a place to safely hold big events and festivals during the summer.

I just think cutting purses by just 4% and putting that 2 million dollars of so into a huge racing festival at Laurel would increase the brand of Laurel, and later Pimlico and that would in turn lead to more recognition of Maryland racing year round as a good betting product, and those extra handles could make sure this plan is successful. I feel Maryland racing is better than what its handle and recognition is.

[JustRalph]

Originally Posted by castaway01

Bonds issued by the state of Maryland

Thank you!

[classhandicapper]

Originally Posted by ScottJ

Many of us know the story of Saratoga, but it is still worth your time to read this article.

https://www.thoroughbredracing.com/a...tion-saratoga/

The reinventions of both Pimlico and Belmont need "just" one more ingredient which might be the hardest to find : they both need their own Marylou Whitney.
Maybe Mike Repole can do that in New York. Maybe there is another name that can take the golden ring.

So, when we think about spending millions, the cost of the industry's complete collapse will be measured in the billions. Just like Saratoga rose like a phoenix, the dream is there that it can happen once again. I, for one, really hope that it does.

I didn't know much of that early story.

I've been saying for a long time that imo the best formula for success going forward will be the tracks that can combine quality racing with it being a more generalized vacation destination where people go to get away. It requires more than just the track facility.

Places like Saratoga and DelMar are no brainers now, but there are other places that imo could find similar magic. Ironically, I think a place like Finger Lakes could be a huge success if a lot more money was put into it and it was timed right. Monmouth has potential near the Jersey shore. There are others. Some I think will never cut it.

I hate to be so laissez-faire about it all because I miss the bigger crowds and greater interest, but sometimes you have to adjust to the reality of the environment you are in. Maybe your industry is going to shrink and lose jobs, but something else will rise and create even more jobs and activity. The latter will only happen if you are spending those hundreds of millions of dollars wisely.