Thursday, March 04, 2004

Who is the Wagering Board Protecting?

Did anyone catch the series of three editorials in the rome paper about placing the blame for Vernon's track denial on management?

While there are problems with management, you have to question just whom the Board is protecting. The Sentinal (3/1) says "The Racing and Wagering Board would do a disservice to employees, vendors who provide products and services to the track, and more than 500 investors of Mid-State Raceway if the state board did not protect their interests."

Funny, I don't hear the employers or venders complaining, and I've only heard of one shoreholder complaining

Like any corporation, there are laws to protect shareholders. This corporation is no different than any other in that respect. If the corporation is being abused, the recourse is under the corporation law - any "protection" afforded by the Wagering Board is duplicative.

Venders know they are taking risks dealing with a track that may be insolvent. They can protect themselves by not delivering goods without first getting payment. And if the track is insolvent, isn't that a matter between the corporation and its bankers to resolve? Why does the Board need to get involved?

There have been no complaints about employees not being paid.

So just WHO IS THE WAGERING BOARD PROTECTING by denying the track a license? One can think of competitors locally and in the Albany area who would immediately benefit. (Have you heard all the local commercials for Saratoga Racino?) Anyone else? Who is the Board kidding? And who are our "powerful" local reps kidding?

If I had horses I'd parade them down to the state office building in protest over this travesty.

[For CONTEXT and FOLLOWUP COMMENTS see Utica Area Discussions]

Technorati Tags: