Advertisement
YOU ARE HERE: LAT HomeCollectionsRace Tracks Finances
IN THE NEWS

Race Tracks Finances

FEATURED ARTICLES
SPORTS
January 18, 1995 | From Associated Press
Sam Houston Race Park's future was in even more jeopardy after officials defaulted on a $4.3 million interest payment to bondholders. The default came Sunday. Under the terms of the bond offering, officials at the horse racing track have a 30-day grace period to come up with the cash to meet the interest payment or negotiate a new payment schedule with bondholders. "We did not, and had not, planned on making that payment," said Judi Mohn, director of communications for the track.
ARTICLES BY DATE
SPORTS
June 18, 1997 | JIM HODGES, TIMES STAFF WRITER
June 30, July 27, Oct. 19 and Nov. 9 are circled on Jeff Burton's calendar. They are the quiet Sundays he can spend in Huntersville, N.C., with wife Kim and daughter Paige, or maybe drive up to South Boston, Va., for a reunion with his brother Ward and the folks. June 30, July 27, Oct. 19 and Nov.
Advertisement
SPORTS
December 5, 1989 | BILL CHRISTINE, TIMES STAFF WRITER
As the Marje Everett era at Hollywood Park nears an end, one of at least three prominent shareholders in the slumping track could emerge in control. If personal wealth were the only criterion, Hollywood Park's leader for the 1990s would be Marvin Davis, whose worth is estimated in the billions. But Davis, who has shown no interest in racing horses himself, has not bought nearly as much track stock as he could easily afford.
SPORTS
January 18, 1995 | From Associated Press
Sam Houston Race Park's future was in even more jeopardy after officials defaulted on a $4.3 million interest payment to bondholders. The default came Sunday. Under the terms of the bond offering, officials at the horse racing track have a 30-day grace period to come up with the cash to meet the interest payment or negotiate a new payment schedule with bondholders. "We did not, and had not, planned on making that payment," said Judi Mohn, director of communications for the track.
SPORTS
October 7, 1991 | BILL CHRISTINE
Purses for the Oak Tree meeting at Santa Anita, which had been expected to go up because of the addition of Hollywood Park and Los Alamitos to the satellite betting network, will go down, track officials announced Sunday, and three stakes are being cut by a total of $100,000. Starting Oct. 16, daily purses will average $201,000 instead of the $230,000 that had been anticipated. The Oct. 20 Las Palmas Handicap will be a $125,000 race, down $25,000; the Rowan Handicap on Nov.
SPORTS
October 1, 1991 | BILL CHRISTINE
A sharp decline in on-track business at this year's Los Angeles County Fair meant that Fairplex Park overpaid horsemen by about $500,000 in purses, and despite the help the Pomona track got from inter-track betting midway through the season, Fairplex still wound up losing about that amount. "This meeting could set us back 10 years," said Ralph Hinds, chief executive officer of the fair. "The biggest fear I have is how drastically we're going to have to cut purses next year.
SPORTS
July 16, 1988 | Associated Press
Roosevelt Raceway's owners announced Friday that they were closing the Long Island harness track immediately, saying it is near bankruptcy because of poor attendance and competition from Off-Track Betting and the Meadowlands in New Jersey. The raceway, a Long Island landmark for nearly a half-century, has lost more than $7 million over the past four years, the owners said. "We tried everything we could to keep the track open," said Charles Evans, one of the owners. "We just ran out of money."
NEWS
December 12, 1991 | DAVID LAMB, TIMES STAFF WRITER
Southern Florida without Hialeah Park is akin to Paris without the Eiffel Tower. It's as though Boston closed the Commons or New Orleans canceled Mardi Gras. Padlock the gates and an era dies. Tradition and sentiment become just a pair of losing nags. But that's what happened.
SPORTS
November 29, 1989 | ANDREW BEYER, WASHINGTON POST
Race tracks are the source of so much entertainment for so many people, and they hold so much economic importance for workers and investors in the racing industry, that the demise of a track is always saddening--even if the track is a gloomy place like Suffolk Downs. And if the track happens to be one like Hialeah, with its glorious history and physical beauty, the prospect of its closing is devastating. But after events of the past two weeks, Suffolk appears doomed.
SPORTS
July 23, 1991 | BILL CHRISTINE, TIMES STAFF WRITER
Hollywood Park closed its major 1991 season Monday with final figures that lead chairman R.D. Hubbard to believe that his track is an exception to a national trend. Many other tracks are struggling, with racing emerging from a sluggish decade only to be hit by a lagging economy. But Hollywood Park, under its new management, was able to improve in almost all areas compared to last year.
SPORTS
December 22, 1993 | BILL CHRISTINE, TIMES STAFF WRITER
At a quick glance, horse racing in California looks good. Santa Anita stockholders continue to receive dividends. Hollywood Park stock has increased almost 400% in the last year. And Del Mar had so much money sitting around that it remodeled its facility for $80 million. But these seemingly strong indicators are an illusion. Horse racing, not only in California but everywhere, is in trouble. The sport isn't going to collapse tomorrow, the day after, or even five years from now.
SPORTS
July 17, 1993 | BILL CHRISTINE, TIMES STAFF WRITER
At a time when many racetracks are struggling, Hollywood Park has apparently reversed the trend. It has erased a huge debt and built a cash cushion as it approaches a new era in gaming. For the first year since 1980, Hollywood Park's key business indicators--attendance and money bet on the races--may surpass Santa Anita's seasonal totals.
SPORTS
December 31, 1992 | BILL CHRISTINE, TIMES STAFF WRITER
The tote company whose debut last Saturday at Santa Anita contributed to an estimated loss of $3 million in business was not the lowest bidder for the contract that the track signed. Cliff Goodrich, the president of Santa Anita, said that the bid from Autotote was "slightly higher" than the bid from AmTote, which had serviced bettors since the track opened in 1934. "We went with Autotote not because of economics," Goodrich said. "We liked the design of the equipment that Autotote showed us.
NEWS
December 12, 1991 | DAVID LAMB, TIMES STAFF WRITER
Southern Florida without Hialeah Park is akin to Paris without the Eiffel Tower. It's as though Boston closed the Commons or New Orleans canceled Mardi Gras. Padlock the gates and an era dies. Tradition and sentiment become just a pair of losing nags. But that's what happened.
SPORTS
October 7, 1991 | BILL CHRISTINE
Purses for the Oak Tree meeting at Santa Anita, which had been expected to go up because of the addition of Hollywood Park and Los Alamitos to the satellite betting network, will go down, track officials announced Sunday, and three stakes are being cut by a total of $100,000. Starting Oct. 16, daily purses will average $201,000 instead of the $230,000 that had been anticipated. The Oct. 20 Las Palmas Handicap will be a $125,000 race, down $25,000; the Rowan Handicap on Nov.
SPORTS
October 1, 1991 | BILL CHRISTINE
A sharp decline in on-track business at this year's Los Angeles County Fair meant that Fairplex Park overpaid horsemen by about $500,000 in purses, and despite the help the Pomona track got from inter-track betting midway through the season, Fairplex still wound up losing about that amount. "This meeting could set us back 10 years," said Ralph Hinds, chief executive officer of the fair. "The biggest fear I have is how drastically we're going to have to cut purses next year.
SPORTS
July 17, 1993 | BILL CHRISTINE, TIMES STAFF WRITER
At a time when many racetracks are struggling, Hollywood Park has apparently reversed the trend. It has erased a huge debt and built a cash cushion as it approaches a new era in gaming. For the first year since 1980, Hollywood Park's key business indicators--attendance and money bet on the races--may surpass Santa Anita's seasonal totals.
SPORTS
December 22, 1993 | BILL CHRISTINE, TIMES STAFF WRITER
At a quick glance, horse racing in California looks good. Santa Anita stockholders continue to receive dividends. Hollywood Park stock has increased almost 400% in the last year. And Del Mar had so much money sitting around that it remodeled its facility for $80 million. But these seemingly strong indicators are an illusion. Horse racing, not only in California but everywhere, is in trouble. The sport isn't going to collapse tomorrow, the day after, or even five years from now.
SPORTS
July 23, 1991 | BILL CHRISTINE, TIMES STAFF WRITER
Hollywood Park closed its major 1991 season Monday with final figures that lead chairman R.D. Hubbard to believe that his track is an exception to a national trend. Many other tracks are struggling, with racing emerging from a sluggish decade only to be hit by a lagging economy. But Hollywood Park, under its new management, was able to improve in almost all areas compared to last year.
SPORTS
December 5, 1989 | BILL CHRISTINE, TIMES STAFF WRITER
As the Marje Everett era at Hollywood Park nears an end, one of at least three prominent shareholders in the slumping track could emerge in control. If personal wealth were the only criterion, Hollywood Park's leader for the 1990s would be Marvin Davis, whose worth is estimated in the billions. But Davis, who has shown no interest in racing horses himself, has not bought nearly as much track stock as he could easily afford.
Los Angeles Times Articles
|