And They're Off: Michigan Approves $142M Horse Racing Track
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Michigan Approves Proposed
$142M Thoroughbred Track In Detroit |
Citizens Republic Bancorp Chair Jerry Campbell's proposal to build a $142M thoroughbred racetrack in Detroit was approved Wednesday by the state of Michigan, according to Kathleen Gray of the DETROIT FREE PRESS. The new track "near Vining and Pennsylvania roads in Huron Township would be the state's only thoroughbred track." The 320-acre parcel is part of the 1,300-acre Pinnacle Aeropark and is owned by Wayne County (MI). Post-It Stables owners "struck a deal" with the county to purchase the land for $1, but if owners "don't employ 1,100 people within the first six years of operation, the price will go up to $50,000 an acre." Campbell: "We believe we'll blow by those numbers," as the track already has 1,200 permanent positions. Gray notes "another 1,100 workers would be needed for construction." Campbell said that while his "construction schedule is tight," the construction company is "promising a July 18 start to the racing season." By the start of the '08 season, the track "expects to have 65 race dates." Campbell "hopes to run up to 160 racing days, including the Michigan Derby, which would award $5[M] to the winner if the horse goes on to also win the Kentucky Derby" (DETROIT FREE PRESS, 3/20).
BACK IN ACTION: In Detroit, Pardo & Ferretti write Michigan has been "without a thoroughbred track since Great Lakes Downs in Muskegon closed" last November, and horse racing has not been in Metro Detroit "since the Detroit Race Course in Livonia closed in 1998." Pardo & Ferretti note the license to operate the track was "made available when Magna Entertainment Corp. of Ontario spiked plans last year for a similar thoroughbred track and entertainment complex nearby." Plans for the new track call for it to be built in three phases: a patio and grandstand are set to be built this year along with a corporate pavilion, and a permanent grandstand, restaurants and retail will follow (DETROIT NEWS, 3/20).
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