Harness Racing Communications, a division of the USTA

A bankruptcy court judge has given Mid-State Raceway, parent company of Vernon Downs, approval to hire a new Chief Executive Officer.

According to a report in the Syracuse Post-Standard, Edward Tracy, a former president and CEO of Trump Hotel Casino Resorts, will start as soon as the New York State Racing and Wagering Board licenses him.

Justice Cheney, a Mid-State board member, thinks Tracy will help the company move out of bankruptcy. “I think this is the kind of person we need,” said Cheney. “He’s someone who can take responsibility for getting the licensing going and get the casino open and get the hotel back on track.” Tracy’s $20,000 per month salary will be paid by New York City real estate executive and Standardbred owner Jeff Gural, who has signed a deal to lend Mid-State $8.5 million in exchange for 91 percent of the track’s stock.

A hearing on a separate motion to appoint an independant trustee to run Mid-State was postponed. Lawyers for Mid-State board member Shawn Scott, who has made an offer to buy the track, had asked the bankruptcy judge to appoint a trustee to run the track with broader powers than a CEO and little involvement from the directors. That motion has been postponed indefinitely until the judge rules on whether other investors have a chance to compete with Gural.