NEWS
Excelsior’s Fields considering Suffolk purchase
Posted: Wednesday, January 10, 2007 2:13 PM
by Steve Myrick
A principal in Excelsior Racing Associates, the group given the initial nod to take over racing at Aqueduct, Belmont Park, and Saratoga Race Course, is discussing an investment in Suffolk Downs that could make him the majority owner of the East Boston track.
New York businessman Richard Field has approached the track with a bid that reportedly values Suffolk Downs at approximately $100-million.
“There have been discussions,” said Suffolk spokesman Chip Tuttle. “Richard Fields has expressed an interest. There have been discussions with his organization, and those discussions are ongoing.”
Fields was a driving force in development of the Seminole Hard Rock Resort and Casino, with locations in Tampa and Hollywood, Florida.
He has strong connections with several racing interests, including the family of New York Yankees owner and Thoroughbred owner-breeder George Steinbrenner. Fields is also close to the Johnston family, investors in several harness tracks and off-track betting facilities in Illinois as well as Excelsior.
The Suffolk Downs property would seem a logical investment for Fields. If Excelsior receives the franchise for New York’s three major tracks, Suffolk would give the group a presence in other racing markets.
In addition, there is a substantial tract of commercially developable land surrounding Suffolk. Fields’s other projects, including his plans to redevelop Belmont Park, include significant retail, restaurant, and entertainment elements.
If Massachusetts lawmakers ever approve expanded gaming, then Suffolk Downs would be a lucrative facility for its access to the more than 2-million people in the Boston area.
Finally, Fields successful track record working with the Seminole Tribe in Florida may be an advantage for any possible partnership with Massachusetts's Wampanoag Tribe. That tribe, with official recognition from the United States government, has been trying to develop a casino at another location for more than a decade.
Steve Myrick is a New England-based Thoroughbred Times correspondent
