Related Companies Joins Capital Play Inc. Bid Team to Operate New York State Racetracks |
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By: Capital Play Inc. Posted: 2007-05-29 08:22:10 |
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Capital Play Inc., (http://www.capitalplayny.com) -- the New York-based corporation that submitted the highest guaranteed bid to operate New York State's thoroughbred racetracks at Aqueduct, Belmont and Saratoga, announced today that real estate development firm Related Companies, led by Chairman and CEO Stephen Ross, has joined the team.
"Our team becomes even stronger today. Stephen Ross and Related Companies greatly complement Capital Play's vision and plan of revitalizing thoroughbred racing in New York State while boosting economic development. Racing fans everywhere should be excited about what this means for improving the quality and future of horse racing in the Northeast," said Capital Play President and CEO Karl O'Farrell. "We've now combined the best in Australian and international racing with the best in real estate development," added O'Farrell. Related Companies has agreed to purchase 20% of Capital Play and will serve as a partner in all development operations as they relate to Aqueduct, Belmont and Saratoga racetracks. New York-based Related Companies is a national industry leader in premier mixed-use developments and holds a real estate portfolio valued in excess of over $15 billion. "I was very impressed by Karl O'Farrell and the team he has assembled, and we look forward to joining them and working to help New York State and thoroughbred racing to reach their full potential," said Related Companies Chairman and CEO Stephen Ross. "This is about making New York racing the best and assembling the right team to bring it to the highest level." Related Companies joins an already impressive team behind Capital Play including Plainfield Asset Management LLC, its prominent Connecticut-based equity partner, and CIBC World Markets, its world-renowned debt financier. "Capital Play is a winning team and our mission for excellence in racing becomes even stronger today with the addition of Stephen Ross and Related," said Max Holmes, Founder of Plainfield Asset Management LLC. "It is no secret that Belmont and Aqueduct have substantial land holdings, which will need to be developed in harmony with racing, and with the cooperation of the State of New York, the City of New York, Nassau County, and the surrounding communities. Related is the ideal partner to make this happen." Capital Play, Inc. is a New York State corporation formed to bid on and secure the rights to operate three thoroughbred racetracks in New York -- Saratoga Race Course, Belmont Park and Aqueduct -- and a VLT casino at Aqueduct and Belmont Park. Capital Play's proposal is better than any of the other proposals because it offers: * Highest guaranteed payments * Largest investment in the tracks * Proven ability to increase attendance * Top international management team Heralded as one of the most prolific and visionary developers in the country, Related Companies is a fully integrated real estate firm with divisions specializing in development, acquisitions, finance, property management and sales. With over $15 billion worth of completed real estate assets and another $9 billion of development in the pipeline, Related stands as the most prominent privately-owned real estate company in the country. Related also boasts one of the longest and most impressive track records in the New York real estate industry, having completed 33 Manhattan development properties representing over 6,200 apartment homes and 3 million square feet of commercial space including the historic development of the $1.7 billion, 2.8 million square foot mixed-use Time Warner Center that has transformed Columbus Circle into New York City's newest landmark. |
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