New York Developer Becomes Top Shareholder In Suffolk Downs

New York developer Richard Fields “has acquired a stake that makes his company, Coastal Development, the largest shareholder” at Suffolk Downs, according to Scott Van Voorhis of the BOSTON HERALD. Fields is planning a “major upgrade of the struggling track” and is “expected to make a major Beacon Hill push for slot machines” at the facility. He is also “expected to pump money into the beleaguered track and into development around it.” Fields in a statement said his plan for the track would include “retail, restaurant and live entertainment, family activities, and other high-end resort amenities” (BOSTON HERALD, 4/3). While neither the purchase price nor Fields’ ownership interest was disclosed, one source said that Fields bought 40-50% (Thomas Palmer Jr., BOSTON GLOBE, 4/3).

NEW YORK MINUTE: Fields is also a member of Excelsior Racing, one of four organizations that filed proposals for the New York horse racing franchise by yesterday’s noon deadline. The franchise holder gets the rights to operate Aqueduct, Belmont Park and Saratoga, as well as the licenses to the video casinos being planned for Aqueduct and possibly Belmont. Other bidders include current franchise holder NYRA; Empire Racing, whose partners include Churchill Downs Inc. and Magna Entertainment; and Australia-based Capital Play, which “submitted three different proposals, the first two based on casinos being built at both Aqueduct and Belmont” (Ed Fountaine, N.Y. POST, 4/3).