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To: Rocket Red who wrote (143334)	4/6/2005 2:37:37 PM
From: Rocket Red	Read Replies (1) \| Respond to of 150070

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To: Rocket Red who wrote (143334)	4/6/2005 2:43:24 PM
From: M0NEYMADE	Respond to of 150070

MONEYMADE'S NEW PICK DRUMROLL PLEASE: **TPWR** .048 3MO-5MO HOLD IMO! pressconnects.com NICHOLS -- More money and resources will be earmarked for a Nichols horse racing track as part of the state's 2006 budget. In the spending plan, lawmakers increased the amount of revenue and promotional funds given to racetrack owners. The bump in cash means more profits for track owners like Jeffrey Gural, who will be responsible for the day-to-day operations of Tioga Park once it opens later this year. "At least now we feel we're fighting with one hand behind our backs rather than two," he said. "This will definitely make a profit more feasible." The formula increased the revenue stream for owners from 29 percent to 32 percent. An additional 8 percent also was specifically earmarked for marketing and promotions. The new formula applies to all racetracks with video lottery terminals. By comparison, in Pennsylvania track owners get 48 percent of generated revenue. Casino owners on American Indian land receive 100 percent of the profits, Gural said. Tioga Park, located off Route 17 in Nichols, last consistently hosted racing in the 1970s. It has since been the site of flea markets and seasonal events. Tioga Downs Racetrack LLC, which was for00med by Ontario-based TrackPower and Southern Tier Acquisition, will run the new track. The company took title to the park last year. The harness-racing track is expected to bring in $30 million in annual revenue and create 350 to 400 jobs in the Southern Tier. The park is set to open by Memorial Day. State Sen. Thomas W. Libous, R-Binghamton, said the formula adjustment will help ensure that track owners receive a return on their investment. The marketing money also should help drive more tourist traffic to Tioga County, rather than racetracks and casinos in other states. Tioga County Economic Development Director Douglas Barton said without the formula change, track owners would be spread "kind of thin" financially. The adjustment indicates that state officials understand track owners likely can't survive without the financial bump. Libous said there is a small chance that state officials could do some "minor tinkering," but he hopes it won't affect the formula. Meanwhile, local lawmakers will ultimately decide the fate of the track. The Tioga County Legislature must grant permission before video lottery terminals would be permitted in the county. The Tioga County Legislature will hold a special work session to discuss the future uses of Tioga Park at 7 p.m. April 13 at the Edward D. Hubbard Auditorium, Tioga County Office Building, 56 Main St., Owego. Tioga Park is expected to open in May and offer harness racing and video lottery terminals. At the meeting, Tioga Downs' chief executive officer, Jeffrey Gural, will present his plans for the park. The meeting is open to the public.