Bailing out the rich

When Senator Richard T. "Debt Collector" Moore proposed to bailout wealthy investors who gambled on Tribal Recognition for the Mashpee Wampanoag Tribe, the Senate Chamber might have been/should have been filled with:

gasps at the stupidity
laughter
snickers
boos and hisses
protests by the Republican hypocrites who didn't oppose the government expansion

Instead, it was arrogant Beacon Hill 'business as usual,' 'this is what we do for our wealthy buddies.'

Now, voters are expected to sit silent while a move is afoot to bailout a shuttered racetrack?

Voters spoke. They voted to end greyhound racing.

Any business decision a track owner made was made knowingly.

This from a regular reader --

I just don’t get it. We cry crocodile tears over the dog track closings, but not over Wrights closing in Warren or American Optical in Southbridge or Bosh in Springfield or Legos in Enfield, CT. Hardly a mention of the cruel outsourcing that has devastated this country from out fearless leaders. How come Patrick or Cahill or Baker never brought up a plan to get manufacturing back into Massachusetts ! We’re supposed to blindly accept globalization, but accept a poisonous, corrupting industry like casinos because the race tracks are closing down. What ever propaganda is expedient for the billionaire big boys.


Legalizing slot machines to 'Save the Tracks' is disingenuous.

Detailed articles about the proposed bailout below --

Wonderland seeks to revive simulcasts
A Suffolk Downs venue is sought


Wonderland seeks state approval to operate out of Suffolk Downs



WONDERLAND SEEKS STATE APPROVAL TO OPERATE OUT OF SUFFOLK DOWNS

By Matt Murphy
STATE HOUSE NEWS SERVICE
STATE HOUSE, BOSTON, NOV. 10, 2010….

After shuttering in August shortly after expanded gambling efforts faltered on Beacon Hill, Wonderland Greyhound Park is asking state officials to let it relocate its simulcasting operations to Suffolk Downs in an effort to raise revenue to pay off outstanding debts.

The Revere track, which made the decision to close its facility and lay off all 85 employees this past summer, continues to hold a license for off-track simulcast betting on dog races through July 31, 2011. Their request was tabled on Wednesday by the State Racing Commission, with commissioners requesting additional information.

Wonderland has filed a request for a venue transfer to Suffolk Downs to generate money from the license to pay back creditors, including Plainridge Racecourse. The plan would also reintroduce off-track betting on dog races to the Boston market.

"As you know, Wonderland Greyhound Park was recently forced to suspend its simulcasting operations due to drastic economic conditions in the industry which made it increasingly difficult for Wonderland to remain competitive," wrote Richard Dalton, the president and CEO of Wonderland, in a recent letter to the racing commission. "This suspension has caused many hardships, most notably to the many longtime members of the Wonderland family whose jobs were lost as a result."

After 75 years of continuous operation, Wonderland took a twin-blow from the failure of efforts to expand gambling in Massachusetts and a voter-approved ban on greyhound dog racing that went into effect in January 2009. Wonderland and Suffolk Downs had expressed interest in a joint casino venture if the Legislature and Gov. Deval Patrick had agreed on authorizing legislation.

Dalton , in the letter dated Sept. 7, proposed relocating its simulcasting operations to Suffolk Downs to satisfy "its obligations to other racing meeting licensees and industry vendors" and meet the "existing public demand" for greyhound simulcasts in Greater Boston.

The racing commission's three-member board delayed consideration of Wonderland's proposal, opting to give owners additional time to produce a full accounting of how much Wonderland owes in debt and what the potential revenue market is for simulcast greyhound betting at Suffolk Downs.

The commission meets next on Dec. 1 when it plans to deliberate on Wonderland proposal.

Under the proposal, Wonderland would continue to operate as a separate entity at Suffolk Downs, retaining all revenue from off-track dog betting. Suffolk Downs would be paid an administrative fee for hosting.

"We would be amenable to discussing with you specific measures to ensure that proceeds from wagers on these simulcasts are set aside to settle debts with other racing licensees and to satisfying statutory payment obligations to the Racing Commission and to the Racing Stabilization Fund," Dalton wrote.

Commissioner Terry Segal, however, raised concerns that the plan asked the racing commission to take action beyond its scope of regulating the state's racing industry by asking it to help Wonderland settle its debts.

"I don't think we should be a collection agency," Segal said.

Segal said he was "strongly considering" offering a motion at the next hearing that would require Wonderland to put up a $300,000 refundable letter of credit as a condition of approval. "I don't think all these clients should have to wait for the next 10 years for some simulcast to pay them off," Segal said.

Although Wonderland's precise debt load is unclear, a racing commission document estimated that the track owed Plainridge in excess of $35,000 in fees unpaid since Sept. 2009 for the right to simulcast races from that track.

Wonderland was prohibited from continuing to simulcast races from Plainridge in early July 2010 for failure to pay.

Chip Tuttle, the chief operating officer of Suffolk Downs, said he is supportive of the plan that would allow the East Boston horse track to offer simulcast dog racing for the first time since 2009.

Suffolk Downs holds a license for off-track horse betting, but Tuttle said the track would be able to make space in his simulcasting facility for the addition of dog races.

Suffolk Downs previously held a license to simulcast dog races from Raynham-Taunton Greyhound Park and Lincoln Park in Rhode Island from 2006 to 2009.

"There's still some interest in this product. We just don't know how much," Tuttle told the News Service.

Suffolk Downs currently holds an option to purchase Wonderland Greyhound Park through July 1, 2011. Tuttle said he plans to move forward with the purchase at this point regardless of whether expanded casino and slot machine gambling is resurrected in the Legislature next session.

Asked whether the merger could be jeopardized if Wonderland is not able to retire its debt, Tuttle said it was unlikely: "I think we've got a solid agreement with Wonderland that we can work with."

Tuttle said Wonderland also owes money to Suffolk Downs' purse fund that is used to pay horsemen.