BUDGET BREAKDOWN: Capital investment in the Parx Casino proposal

BUDGET BREAKDOWN: Capital investment in the Parx Casino proposal

By Marc Larocque

Taunton Gazette Staff Reporter

Posted Oct 28, 2013

TAUNTON —

$277.3 million: The total capital investment in the Parx Casino plan in Raynham.

The Massachusetts Gaming Commission last week publicly released application documents from the three developers vying for the single slots parlor license in Massachusetts. Raynham Park LLC, a partnership between Raynham Park owner George Carney and Pennsylvania-based Greenwood Racing, hopes to win the license to build a slots parlor at the former dog track in Raynham. While application documents marked “confidential” were not made public, the 236-page application provides a basic breakdown of the proposal’s finances.

$45 million: Equity contributed by Greenwood Racing.
$11 million: Equity contributed by Carney Family LLC through transfer of land and assets to Raynham Park LLC.
$125 million: Bank financing from syndicate of lenders led by Credit Suisse.
$46.3 million: Capital generated by a year of operating a temporary slots parlor while a permanent facility is built.
More information: massgaming.com

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W. Bridgewater official wants town to reach deal with Raynham Park

“As leaders of town owe it to residents not to promote additional hardship,” Gagne said. “If the project is to be built, we owe it to residents to provide the best mitigation plan available. … The town of West Bridgewater just needs financial relief to mitigate the expected 2,800 extra cars per day that will travel through the town.”

Many supporters of Raynham Park, from Brockton, Easton and other nearby communities, spoke out in favor of George Carney and Raynham Park.

There were also members of the labor group Unite Here, urging Carney and Greenwood Racing to reach a “labor harmony agreement” to create a level playing field for workers. At this point, there is no labor harmony agreement in place as part of Raynham Park’s gaming license application.

One speaker from Unite Here said that a strong union ensures a safe working environment for women in the gambling and hospitality industry. A representative from Unite Here said they did have a positive meeting with Raynham Park owner George Carney, but that they have not heard back from his operating partner, Greenwood Racing.

Several former Raynham Park workers, including several from Easton, talked about their time at Raynham Park before layoffs resulting from a statewide ban on dog racing enacted in 2010, saying that they were able to go to college, buy their homes and achieve their dreams by saving money while working at the track. The supporters of the track said they want hundreds of jobs that were lost to come back to Raynham Park. Vendors who have worked with George Carney also spoke in his favor during the hearing, saying Carney supports other local businesses. Several speakers also attested to the Carney family staying loyal to Raynham and keeping the park open, supporting local families, even in tough times.

Charles W. Tartaglia, a friend of Carney from Easton, told the audience about how Raynham Park would be an ideal venue for boxing. As of right now, the closest venue for good boxing matches is Foxwoods or Twin River.

“Boxing here would be a boon for the whole area,” Tartaglia said.