Officials with the Fort Erie Race Track have announced that the Thoroughbred raceway is back on the market, but they have been clear that the border oval’s 2018 season of live racing will not be affected.
According to an article by the Welland Tribune, Buffalo realty tycoon Carl Paladino, who purchased the track and its land for an undisclosed amount in 2014, has re-listed the property for $7.2 million. Although, Paladino has said that the track and its property will not be sold if the Ontario PC Party wins the upcoming election.
Tom Valiquette, the Fort Erie Race Track’s chief operating officer, has told the Welland Tribune that the terms of the lease would transfer to the new owner. “If the property were to be sold, the new landlord would be required to honour that lease,” he said.
In all, the property encompasses 338 acres of land, which is a mixed blend of commercial and developable industrial lands. In the fall of 2015, the current ownership announced its plans for a sizable development that was to include a hotel and an indoor water park, in addition to residential, industrial and retail aspects. Ceremonial shovels entered the grounds soon after, but nothing has taken place since.
Fort Erie MPP Wayne Gates has said that the provincial government’s recent long-term funding announcement for the Ontario horse racing industry has made potential investors reassess the raceway and the potential it holds.
“The fact that we’ve been able to work with the horsemen and the people at the track to bring some good news from the province, a commitment to invest in the track, I think that’s made it a more attractive investment opportunity,” Gates said.
(With files from the Welland Tribune and WBFO)