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Tuesday, October 19, 2010

The Genting Zone

Genting will present NYRA with a ceremonial $25 million check at a press event at the Big A on October 22.

The check presentation signifies Genting’s commitment to help NYRA keep the state’s horse racing industry strong in the months and years to come. [NYRA Media Advisory]
The $25 million figure represents the loan granted to NYRA back in May, at its darkest hour, which was to come out of the $250 construction bond and be ultimately guaranteed by the winning racino bidder. Surely, NYRA will never again need to be rescued in that way, right? This comes just a few weeks after Genting presented the state with another ceremonial check, though that one represented a real check which Governor Paterson immediately raced to a bank to cash (though it was too big to deposit in an ATM).

In the ensuing weeks, we've read of accelerated construction plans, merit raises for NYRA employees, millions to the community in jobs, big hikes in purses and awards for breeders, an influx of fresh stallion blood, inquiries about stall space from out-of-state stables, and physical improvements at all three tracks (eventually). I'm almost expecting flowers to sprout through the cracks in the parking lot, and a golden glow to emanate from the netting out beyond the grandstand turn.

Who are these mysterious Malaysians who have come from afar to breathe a new vitality into an enterprise that was teetering on the edge just last spring? And where the hell have they been for the last nine years? Genting has done and said all the right things since emerging onto the scene, going even beyond what has been required and expected of them. Could this really be? Are they as genuine and sincere in their intentions as we think? Or is their something about them that we haven't yet deciphered? Could it turn out like this?

- The Head Chef reminisces about Paris on her Grapes and Greens blog.


Anonymous said...

Genting's actions without absolute confirmation of project permits at Aqueduct, those to be issued by the NY Office of General Services, does seem peculiar. Nobody else could get the deal done, and now before everything is in place, they are acting as if the process was already over. Jennifer Cunningham's firm prompting public relations stunts, perhaps? We'll see soon as it is crunch time and NY awaits construction.

jk said...

Amazing what can happen when Joe Bruno et al do not have their hand in the pot.

Anonymous said...

Paterson's press release realtive to the reacetracks taking over the NYCOTB says that "legislative changes to the NYCOTB laws will benefit harness tracks and Aqueduct." No mention of horsemen, breeders, purses, etc. As JK said, Bruno's gone so who's hands are in the pot in this deal? The NYRA and Gural, seem to be the biggest beneficiaries. Chopping up the money on the table requires big pointed elbows to come out with the most.

Anonymous said...

You guys/gals need to read the Precious piece in the Bloodhorse. Who really supports this Rayburn championed NYCOTB deal? I love the part where he essentially says "if you change anything or try to, deals off." This thing could just fall flat onm its face.