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Wednesday, March 02, 2005

Dancing with Dr. G

- Blood Horse reports that as the Jockey Guild’s revenue decreased 31% from $6.8 million in 2002 to $4.7 million in 2003, its payment to Matrix Capital Associates for “consulting,” the current way to classify any kind of so-called business expense that one otherwise can’t classify, increased 12% to $412,000, and whatsmore, Matrix received an additional $36,000 for rent, up 72% from $10,200 in 2002. [Bloodhorse] Matrix is owned, of course, by Jockey Guild honcho and renowned foreign diplomat Dr. Wayne Gertmenian. And what exactly is Matrix? Jessica at Railbird did a little research and raises some pointed questions.

It’s been a registered corporation in the state of California since 1982, but prior to 2001, the only mention I can find of it online, in Lexis-Nexis, or in any other database, is on Dr. Gertmenian's curriculum vitae as the publisher of his "Economath Primer." After 2001, the only company or organization that it appears in connection with is the Jockeys' Guild. So, I wonder: In its 20+ years, what other organizations has Matrix Capital Associates done consulting work for? And what exactly is the consulting work it's doing for the Jockeys' Guild now? [Railbird]

- With Osama Bin Laden still on the loose and urging terrorists in Iraq to attack the United States, and with worries over lax security at the nation's ports and borders, U.S. Immigrations and Customs Enforcement agents apparently have nothing better to do than to arrest jockey Stewart Elliot and throw him in jail for a four year old felony assault arrest that came to light around Derby time last year. Let's hope he hasn't ridden any horses owned by Arab shieks lately, lest he be declared an enemy combatant and detained indefinitely without charges.

- Federal prosecutors will retry two executives of Rhode Island’s Lincoln Park for alleged attempted bribery of the Speaker of the House through his law partner, who was general counsel for the racetrack. The defendants' lawyers claim the $4 million payment (which was not accepted) was not a bribe, but rather a reward for good work. Perhaps it was for consulting.

- Do you think the tracks in the Florida counties voting on slots next week are excited?
Pompano Park has sketched out a new 140,000-square-foot structure to house 1,500 slot machines, 30 poker tables, a state-of-the-art simulcasting and wagering center, and two restaurants: one casual and one upscale.

The area will sport a luxury Caribbean theme with waterfalls, palm trees and calypso music, in keeping with the island motif of parent company Isle of Capri.
That's just the first phase. A retail area, a hotel with resort amenities, a banquet hall with meeting and convention areas are possibilities for the second phase.. [Miami Herald]

- With slots closing in from all sides, Acting Governor Richard Codey of New Jersey wants 1500 machines at the Meadowlands. He will face strong opposition from Atlantic City casinos, which are currently making payments to bolster Jersey purses in the hope of dissuading them from lobbying for VLTs.

1 Comment:

Patrick J Patten said...

Alan I think your blog is great. I don't know how you have the time to keep up w/ all the news. I'm putting a link to your blog on mine, it would be great if you could do the same.