Monticello horsemen secure for seven years with new agreement

Monticello horsemen secure for seven years with new agreement

January 12, 2018 9:12 AM
by

share

Harness horsemen at historic Monticello Raceway in New York have received some job security thanks to a new, long-term agreement guaranteeing the track’s purse structure for the next seven years.

The moves comes with the approaching grand opening of the neighboring Resorts World Catskills casino at the former site of the Concord Hotel in Kiamesha Lake, scheduled for February 16th. The agreement protects purses and meets the same level as the horsemen experienced in 2013.

The arrangement between the tracks and the casino grants the horsemen 200,000 shares of the company that can be sold during the period. The value of those shares can be no less than $5.5 million and could go higher or lower based on stock price. The shares are currently believed to be worth around $5.5 million.

Monticello Raceway has its own gaming terminals, but observers believe the track will be hard pressed to compete with the new casino, just five miles away.

Resorts World Catskills casino is expected to bring a lot more people to the area over the coming years and its hoped that this will help revive local businesses and perhaps provide some additional fans at the track.

The Concord Resort Hotel was a famed destination in the so-called Borscht Belt section of the Catskills region known for its large resort industry in the 1950s, '60s, and '70s. The Concord ceased operations in 1998. The region’s popularity was buoyed by its proximity to New York City, just less than 100 miles driving distance away.