Do you think that Richard Fields sees legislation for slots passing in Massachusetts as his main reason for purchasing interest in Suffolk Downs? I certainly hope so.
Fields completes deal to acquire ownership interest in Suffolk Downs
by Steve Myrick
New York businessman Richard Fields has completed a deal to acquire a significant ownership interest in Suffolk Downs and affirmed plans to revitalize the East Boston Thoroughbred track.
“I am excited about my investment in Suffolk Downs and about the future of this historic venue,” Fields said in a news release. “Over the next few months, our team will be pursuing a master plan that allows us to integrate the horseracing that has long defined Suffolk Downs with a world-class facility for everyone who visits our site. I am excited about bringing our experience and passion for the sport to racing at Suffolk Downs.”
Coastal Development Massachusetts, the development company formed by Fields, will be the largest shareholder in Suffolk Downs, but will not control a majority interest in the track. The other primary investors are Massachusetts businessmen John Hall and Joseph O’Donnell as well as Vornado Real Estate, a New York-based real estate trust.
"Richard Fields's investment in Suffolk Downs is a positive development for horseracing in Massachusetts," Suffolk Downs President John Hall said. "He is an avid horseman who brings extraordinary enthusiasm for racing as well as considerable expertise in gaming and development."
While there are no specific project commitments in the announcement, Fields will look into new retail businesses, restaurants, live entertainment, family activities, and other high-end resort amenities, according to the news release.
Fields is a principal in Excelsior Racing Associations, the group given the initial nod by New York’s Ad-hoc Committee on Racing to take over racing at Saratoga Racecourse, Belmont Park, and Aqueduct Racecourse. New York Racing Association, Excelsior Racing, Empire Racing Associates, and Capital Play Pty. Ltd. remain as parties interested in the New York racing franchise. An ad hoc committee on the future of New York Racing selected Excelsior as the top bid, but Governor Eliot Spitzer began a new selection process for the franchise when NYRA’s franchise expires December 31.
Fields has close ties to the Johnston family, investors in several harness tracks and off-track betting facilities in Illinois.
Fields is the developer behind two successful casino projects, the Seminole Hard Rock Resort and Casino with locations in Tampa, and Hollywood, Florida.
3 comments:
Finally!! I'm glad to see an investor in the racing industry using their brain! Maybe the way to save racing in New England is not in the slot machines (since they can't seem to get them), but by making it a high-end, family-friendly complex...nice restaurants, shopping, spas, movie theaters, etc.... They'd profit tremendously from those high rents and that would more than pay for racing purses and costs as well as generating a huge profit for those greedy owners...
It would just be nice to see something that might give New England racing a fighting chance. They have been on their last breath for a long time now.
This sounds very promising. I really hope that something like this happens for Rockingham. I agree with Mel, maybe the slots aren't the answer. But I can definitely see this type of resort-style renovation working well.
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