Clock Ticking For Racing Franchise In New York

July 25, 2007 by Cris | 0 Comments

The Money Times:

The deadline for the racing franchise has been set in New York. On Friday, the Governor of New York, Eliot Spitzer, has said the deadline for awarding the franchise to a contender was 4 September. On that day, Spitzer said the new franchisee would be selected.
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The racing franchise of the state of New York is a lucrative affair. It would mean the winner retained authority over operating racing and gaming events in the state. Currently, there are four contenders for the franchise. These are the New York Racing Association, Excelsior Racing Associates, Empire Racing, and Capital Play.

Of the 4, New York Racing Association has been a strong finisher at franchise selection processes, and has been the franchisee from 1955, an astonishing 52 years. The Governor’s decision means the 4 contenders can think about final alignments and strategies to team up before the selection starts.

As per Spitzer’s statement, the 4 contenders have until 7 August to send in their updated proposals. His spokesman Paul Larrabee said one option the contenders had was to team up their partnerships. These would be reviewed first by Mr. Spitzer, and then subsequently by the Legislative Assembly of the state.

The current franchise runs out on December 31.

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