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Capital Play, Plainfield Asset join forces

NEW YORK – (PRESS RELEASE) -- Capital Play, Inc. -- one of four companies bidding for the franchise that operates Saratoga Race Course, Belmont Park and Aqueduct -- has joined in partnership with Plainfield Asset Management LLC, to create a fully funded bid team with existing investments in New York racing.

Plainfield has committed to provide the full $250 million in equity financing for Capital Play's proposal for its bid for the New York Racing Franchise. Plainfield is currently the lead investor in the Vernon Downs and Tioga Downs racetracks in New York State. This is Plainfield's third investment in New York racing operations, indicating its confidence in the financial viability of New York racing.

Max Holmes, founder of Plainfield, said, "We are very impressed with the Capital Play team and their proposal for the rejuvenation of the New York thoroughbred racetracks. We already have a significant investment in New York racetracks and believe that Capital Play has the vision and plan for transforming New York's thoroughbred racetracks. We expect to eventually syndicate a portion of our risk to other institutional investors, but at this critical juncture we wanted Capital Play to have the highest assurance of both equity funding and ultimate licensing."

Capital Play presented its proposal to the State of New York on April 11, 2007, offering three financial options, including the highest bid of $1.8 billion. CIBC has provided a "highly confident" commitment letter for Capital Play's $550 million in debt financing.

Karl O'Farrell, founder and CEO of Capital Play, said "To date we have provided greater financial certainty than any other bidder with a guaranteed equity commitment to fund the highest bid value of $1.8 billion."

With the addition of Plainfield, Capital Play's team includes equity and debt partners with specific expertise in the racing and gaming industries.

Mr. O'Farrell also said, "We are very pleased to have a pre-eminent partner such as Plainfield supporting our vision for the successful transformation of New York's thoroughbred racing facilities and the industry as a whole. We have brought together financing partners who have direct local experience in racing and gaming and the expertise required to successfully reinvigorate New York racing.

Capital Play provided the committee with a proposal to bring back the fans to thoroughbred racing, by developing a variety of entertainment options along with the promise of VLTs at Aqueduct and possibly Belmont Park. The innovative marketing strategies that have been employed in Australian and overseas racing will be adopted in New York. Capital Play is confident that New York racing can be as successful as NASCAR, NFL, MLB, NBA and NHL are in the U.S.

Capital Play intends to re-brand thoroughbred racing in New York State as a sports and entertainment product with all the ancillary economic revenue streams, including television, sponsorships, licensing and merchandising revenues.

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