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Codey Comments On Freehold Impasse

Published: November 26, 2008 10:31 am ET

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Freehold Raceway president and general manager Donald R. Codey has commented publicly about what has led to the subsidy impasse at the New Jersey racetrack.

Codey's comments were published online Wednesday on the Asbury Park Press website.

According to Codey, particular restrictive language within the New Jersey Purse Enhancement Agreement has made Freehold Raceway -- which is owned by 'affiliate' owners Penn National Gaming and Greenwood Racing -- reluctant to sign.

Codey said that Freehold is eager to sign the agreement and resolve the issue, but will not sign if the current restrictive language is not changed. He said that the parties that drafted the document refuse to change the wording in question.

"The problem? Two words: 'its affiliates.' All the parties need to do is eliminate this language. It restricts our 'affiliate' owners, Penn National Gaming and Greenwood Racing, from pursuing potential gaming opportunities in New Jersey outside Atlantic City should that opportunity arise in the next three years. No other casino company has such a restriction. In the previous agreement, signed in 2003, the restriction was site specific. For some unknown reason, the new agreement has made it entity specific," Codey wrote.

"Freehold Raceway has been told the probability of gaming being expanded beyond Atlantic City is so remote that the restrictions are moot. If that's the case, why the adamant refusal to remove them?" Codey wrote.

To read Codey's complete opinion piece on the Asbury Park Press website, click here.


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