Sale of track no cause for concern: Thibert
The Fort Erie Race Track being put up for sale is no cause for alarm, according to Jim Thibert, general manager of the Fort Erie Economic Development Corp. and chief executive officer of the non-profit group that has operated the historic venue since 2010.
It was revealed last week that the more-than-120-year-old border oval has been put on the market by its current ownership, a group based out of Western New York led by businessman and developer Carl Paladino.
His team was introduced as the new owners of the track in 2014 when they assured the community that the horse racing operations at the facility would not be affected by their takeover.
The track is listed for $7.2 million, consisting of 144 acres.
On Monday, Thibert said another 55 acres of land that surrounds the racetrack, also owned by Paladino’s group, is not included in what is up for sale.
Late last month, the provincial government unveiled a plan to put $105 million annually into Ontario’s horseracing industry for the next 19 years, beginning in 2019.
The Fort Erie Race Track has received $7.9 million each year since 2010.
Thibert said the future remains bright for the track and the recent funding agreement will not be negatively affected and that operators will carry on as usual, but with a new landlord who leases the property to the Fort Erie Live Racing Consortium (FELRC).
“If they sell it – whoever buys the property has to accept the terms of the lease,” said Thibert.
“I wouldn’t see this as anything but good news, one way or another,” he added.
The track was purchased by Paladino and his associates in 2014 from Nordic Gaming, an Israel-based company which owned the facility for many years.
When the Buffalo developer spoke at a press conference at the track more than three years ago, he expressed interest in the synergy that could be found with the track and the Canadian Motor Speedway, a proposed $400-million complex that was anticipated by many as a project that could revitalize Fort Erie.
Today, the speedway plan appears to have run out of fuel.
Asked if this has anything to do with Paladino’s decision to put the track on the market, Thibert said it is his understanding that the developers from across the river have decided they “don’t need that kind of acreage,” referring to the parcel of property devoted to horse racing, when it comes to potentially building a large-scale hotel and retail complex on the surrounding lands.
In the meantime, Thibert said the FELRC is getting prepared for opening day on May 29 and is working with provincial and industry officials to solidify a total of 40 race dates in 2018.
“I think we should have some good news to report soon,” said Thibert.