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Track Wants to Use Owners' Money

VERNON DOWNS (New York) -- As reported by the Syracuse Post Standard: "Vernon Downs is awaiting word from state regulators whether the track's majority owners can keep putting money into the financially troubled track.

"In a letter sent to the state Friday, the board of directors of Vernon Downs' parent company, Mid-State Raceway, asked if the company could continue for the 'short term' to use money from the Florida developers who control the track.

"The Racing and Wagering Board last week told the developers not to put any more money into the track. The three men had formed a company called Raceway Ventures, which bought about 52 percent of the stock in Mid-State Raceway in April.

"...The track is $26 million in debt. Owners had banked on opening a video gambling casino next to the track, but that plan was cast in doubt last week when a state appeals court ruled that the state can't divert money from video lottery machines to increase prizes for horse races. All the money must go to education, the court ruled..."

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