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LADBROKE TO AID IN FINANCING FOR ANDERSON, IND., RACETRACK

 LADBROKE TO AID IN FINANCING FOR ANDERSON, IND., RACETRACK
 LIVONIA, Mich., April 16 /PRNewswire/ -- City officials, Ladbroke Racing Corporation, owner of Ladbroke DRC, and other developers of a proposed $10 million parimutuel harness racing track in Anderson announced plans today for financing the project are now in place.
 "I am happy to report a new partner may join the city and our developers, Anderson Park, Inc., to bring this development to reality," said Mayor J. Mark Lawler. "I am pleased to announce Ladbroke Racing Corporation is considering joining the team working on this important economic development project for our community."
 Ladbroke Racing Corporation is a division of the London-based Ladbroke Group. The Ladbroke Group has annual sales of more than $6 billion and is among the 50 largest conglomerates in the United Kingdom. Ladbroke Racing Corporation has parimutuel interests in five states. It owns the only thoroughbred racetrack in Michigan, a thoroughbred racetrack in San Francisco, and a harness racetrack in Pittsburgh. Ladbroke also operates Valley Greyhound Park in Texas, and Canterbury Downs thoroughbred racetrack in Minnesota.
 "Today's announcement means we will have a complete application to take before the Indiana Racing Commission," Mayor Lawler reported. "We now have all the ingredients for a first-rate harness racing facility here. We have in place a perfect site which was graciously donated to the city by Mr. Virgil Cook. We have experienced racetrack operators in Lou Carlo and Ed Draugelis and racetrack builders in Frank and Don Marotta as our developers. We now look forward to the involvement of one of the premier companies in the industry in Ladbroke Racing Corporation."
 Draugelis, president of Anderson Park, Inc., said Ladbroke Racing Corporation is considering taking a significant interest in the proposed racetrack, subject to successful completion of due diligence investigations. "The plans envisage that Ladbroke would have a $1 million equity position in this project. Ladbroke would also provide up to $4 million in additional financing for the facility."
 Speaking for Ladbroke Racing Corporation, Max Harris, vice president, said his company was extremely pleased when the city of Anderson and Anderson Park, Inc. invited Ladbroke to join the project. "We were very impressed by the commitment and enthusiasm of the city." He said, "We have every confidence that, if we have the opportunity, Ladbroke and Anderson Park, Inc. together can create a racing facility of which the city can be justifiably proud."
 Anderson Park, Inc. will invest $1 million in the project, while the city will provide infrastructure improvements estimated at $2 million in connection with the harness racing track. The value of the land donated for the racetrack exceeds $2 million.
 "We view this as a major investment in jobs and economic benefits for our community," Mayor Lawler said. "We anticipate this project will mean several million dollars in payrolls and purchases during construction, and the creation of 300-plus jobs for the operation of the racetrack. It will provide a unique attraction for visitors to our community. The racetrack will also have a significant impact on the agricultural economy of the area surrounding the city, and it will mean a major source of new tax revenues. We estimate the impact of this racetrack on the Anderson/Madison County economy at between $40 million and $50 million."
 The development will feature a state-of-the-art 5/8-mile track; an enclosed, heated and air-conditioned grandstand to accommodate up to 10,000 spectators; a restaurant and clubhouse with seating for 450; and parking for 4,000 cars. The track will be on a 105-acre site near Rangeline Road and East 53rd Street on Anderson's southeast side. The site will be leased to the racetrack operators by the Anderson Parks Board.
 The principals in Anderson Park, Inc. are:
 -- Lou Carlo, the owner/operator of Northville Downs in Northville, Mich., and of Lebanon Harness Raceway in Lebanon, Ohio. Carlo has been in racetrack operations since 1952 and is considered by industry experts to operate two of the most successful parimutuel tracks in North America.
 -- Ed Draugelis, general counsel for Northville Downs. Draugelis managed Northville Downs for one year. He has owned and driven harness horses for many years.
 -- Frank and Don Marotta, who constructed racetracks at Swartz Creek and Muskegon, Mich., and operated both facilities.
 -0- 4/16/92
 /CONTACT: Max Harris of Ladbroke, 313-525-0705; or Barbara Sanders of Anthony M. Franco, Inc., 313-567-5004, for Ladbroke/ CO: Ladbroke Racing Corporation; Anderson Park, Inc. ST: Michigan IN: CNO SU:


SM -- DE036 -- 9554 04/16/92 17:43 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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