Las Vegas Marathon Must Put Up Security Bond To Cover Expenses

Chicago-based Devine Racing, which owns the Las Vegas Marathon, has "made significant headway toward paying off vendors from the race's 2007 running," but Clark County (NV) Commissioner Rory Reid is "determined not to let that situation repeat itself as the event goes forward," according to Patrick Everson of the LAS VEGAS REVIEW-JOURNAL. Reid on Tuesday informed Devine that a "security bond will be required to guarantee all operating expenses will be covered for the 2008 race," which is scheduled for December 7. Reid's initial request was "for a bond of $3[M], which Devine Racing would have to pay a percentage of to acquire," though Reid said that he "would be amenable to a lower bond if Devine can provide proof of the company's costs to run the event." Devine "had not been required to post a bond since taking over the event in 2005." Reid has given Devine "two weeks to get the bond in place." Devine Racing President Chris Devine "put the operating costs of the event at $1.8[M]" and said that he "hopes to work with Reid on adjusting the amount of the bond." Everson notes the security bond requirement "stemmed from two consecutive years of prolonged delays in paying off vendors and runners." Most vendors from the '07 marathon, and some from the '06 race, "weren't paid until this summer, after Devine Racing sold the Chicago Half-Marathon and entered into an agreement to sell the [L.A.] Marathon, for which it has received two nonrefundable deposits totaling $600,000." Also, Kenya's Christopher Cheboiboch, who won the men's race in '07, on Monday received a check for $24,000, "covering his winnings and an appearance fee, minus taxes" (LAS VEGAS REVIEW-JOURNAL, 8/7).