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).
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