Sept. 30, 2004 The Randall Nicholas "Doc" James Racetrack moved one step closer to new management Wednesday as the second of three contracts needed was finalized, according to Barbara Shattles, a TRAXCO, Inc. board member and Divi Casino general manager.
TRAXCO Inc., a subsidiary of Treasure Bay V.I. Corp., the company that manages Divi Carina Bay Casino, has been in negotiations for several months to take over operation of the track. (See "Divi Gets OK to Invest in Racetrack, Hospitality School").
The signing of the Horseman's Live Racing Agreement came after months of negations with President Antonio Williams and other board members of The Horsemen Association Racing Protective Syndicate, Inc., Shattles said in a release.
The first contract, the V.I. Racing Commission Franchise Agreement, was completed on July 9. Still to be finalized is the lease for the St. Croix racetrack with the Virgin Islands Department of Housing, Parks and Recreation. Before TRAXCO, Inc. begins operations, the Senate and the governor's approval will also be needed, Shattles said.
"I have always envisioned great things for the racetrack and am tremendously proud that I will be representing a reputable company that will change the face of racing here, bringing it up to the standards of other fine racetracks across America," Dennis Brow, who will serve as racetrack general manager when the process is completed, said.
Last month, the V.I. Economic Development Authority approved the racetrack for Alternative Investment Tax funds, which has over 1.2 million dollars set aside for direct investment improvements.
An architectural firm on St. Croix is preparing a master plan for approval by the Racing Commission, which will outline the progression of improvements, Shattles said.
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