Ex-Trump CEO To Run Mid-State Raceway
February 22, 2005,Harness Racing Communications, a division of the USTA
Edward Tracy is expected to start soon as the new CEO of Mid State Racing, the parent company of Vernon Downs. According to a story in the Syracuse (NY) Post Standard, Tracy was a former President and CEO of Trump Hotel Casino Resorts when Trump filed for bankruptcy on the Taj Mahal, one of his hotel holdings.
Tracy was nominated for the position by Jeff Gural, who is attempting to buy the track. He was recently given permission to seek a $1.2 million dollar loan and to seek a new CEO by the court handling the bankruptcy proceedings.
Tracy was the president of the consulting company that helped the Oneida Indian Nation launch their Turning Stone Casino in 1993. He has spent some time at the track and examined their financial records and calls the track a, “…very, very solid opportunity.”
- Judge Approves Loan For Vernon (Thursday, February 17, 2005)
The bankruptcy judge handling the Vernon Downs/Mid State raceway matter has given permission for the track to borrow $1.2 million from breeder/owner Jeff Gural, according to a story in the Syracuse Post Standard.
- Vernon Open House for Possible New Investors (Monday, April 04, 2005)
According to a story in the Syracuse (NY) Post-Standard, Vernon Downs will be open to inspection of the grounds and financial records by potential new investors this week.