Richmond Downs: a repeat of two earlier posts.
This post is a repeat of two of my earlier posts about Richmond Downs. Regular participants will find nothing new here.
I'm posting them here for the convenience of any new readers who may want an easy way to catch up on an overview of the Richmond Downs racetrack project.
First: look at the company website:
sungoldgaming.com
Richmond Downs
from original post: techstocks.com
I've had a chance recently to get a glimpse of some of the preparations [for Richmond Downs]. I can't pretend to understand all the economic implications of the project... The project is patterned after a U.S. model which has been found to be very successful. Essentially the idea is to have an integrated entertainment/horse racing/satellite broadcasting/[electronic]gaming/riding instruction and boarding facility. It is, to say the least, multifaceted... A world class track and good purses attracts world class horses and stimulates the local horse breeding/racing industry. Children and families have a place for instruction and boarding horses. There is a veterinary hospital and dormitories for the staff. There is a concert pavilion. This is all being designed by the best horse racing facility architects in the world, Ewing Cole Cherry Brott. They designed the cutting edge Singapore Turf Club... Needless to say, the tax revenues for Richmond and B.C. are in the tens of millions per year. Best of all is that the vast majority of the land required remains entirely devoted to agricultural purposes... This is a destination style development that will draw tourists. B.C. has wanted to close the old Hastings Park track for some time, but can not afford to lose the 7000 jobs connected to the horse racing industry. There are no other proposals at present. It's impossible to describe the scope and significance of this project in a small space.
[projected cost: $150-$200 million]
....................
from original post:
Message 5909069
In Richmond B.C., some recent developments have propelled Richmond Downs a large step closer to reality. The plans for the facility illustrate what an enormous contribution it will make to the community and the province. The need for a world-class mile-plus horse track has been clear to many horsemen in B.C., and the horsemen's association has unanimously endorsed Richmond Downs as the replacement for the obsolete Hastings Park. Now the local politicians are realizing that their constituents want this development. It could be the single largest source of tax revenue for Richmond. It will provide thousands of jobs, a convention centre facility, and will function as a destination for tourists. While hotel construction in Richmond is increasing, overall new construction is declining. The current economic climate strongly favours Richmond Downs.
Equally important is that Sungold has been negotiating with the newly created Interport Development Corp. to lease land on which to place the grandstand and parking. The location is immediately adjacent to the site which the company has proposed the for race-track and stables. These negotiations may well be critical to a successful outcome. The creation of Interport Development Corp., with Chairman Steven Wu, was formally announced by David Collenette, Federal Minister of Transport, on Aug. 4, 1998. Interport is a private corporation with $100 million of financial backing from Asian sources which will develop 455 acres of Crown land administered by the Fraser River Harbour Commission, as a light industrial park. "This project, the largest to be opened in a decade in B.C., and the largest ever North of the Fraser River, will generate $500 million in capital investment over 15 years." Raymond Chan, MP for Richmond, and Secretary of State (Asia-Pacific) is also a committed supporter of Interport. This project is significant in part because it is occurring at a time when Asian investment in B.C. has been declining. The point of describing all this is to demonstrate that Interport is determined to develop this Crown land (which is actually a landfill site), and Richmond welcomes the development. Richmond Downs is an ideal use for this land. Sungold could be the first developer. Needless to say, the support of Interport will be very helpful. The Interport site will allow the placement of the purely agricultural uses (race-track and stables) on the ALR land.
There have been strong signs that the political will to support Richmond Downs is building. A major U.S. Thoroughbred Racing consulting firm has been commissioned to produce a substantial report on the future of horse racing in B.C. [this report has now been circulated]... It is ... a detailed and authoritative report which suggests that the viability of Thoroughbred racing in B.C. depends on the construction of a facility such as Richmond Downs.
[Current speculation is that Interport is close to completing a long-term lease agreement, and the company is looking ahead to a major financing to build the project. TAC Investment Corp. has committed to purchasing 6,000,000 shares at $4 US for land purchase or to initiate construction once the project is approved.]
|
