Citing the "magnitude of the decision," Geake says he wouldleave the decision to his successor. "Since the passage of ProposalI in Michigan, the applicants for the one remaining Detroit-areatrack license have amended their applications, essentiallydownsizing or delaying their original proposals," Geake says."These amended applications will require more analysis andinvestigation than can be completed in my remaining [time] inoffice. Therefore, I have reluctantly concluded that it will bemost prudent to leave the final decision to the incomingcommissioner."

Michigan voters approved a ballot measure in the Novemberelection which requires both statewide as well as local approvalfor any gambling expansion, likely effectively killing the racinoconcept. Many considered the racino idea as a savior for Michigan'shorse racing industry.

Of the four applicants for the metro license, the most severelyaffected by Geake's decision, or lack of one, is MagnaEntertainment Corp., which operates Michigan's only livethoroughbred track at Great Lakes Downs in Muskegon. Magna hasproposed to build Michigan Downs, a $100-millionracing-entertainment complex in the Detroit suburb of Romulus, andit is the only applicant that has promised to move forward withoutslot machines. Magna has obtained all the permits necessary for theproject, but officials said last week that if granted the license,construction would not begin until 2007.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.