Let me share the broader concern regarding this new "clubhouse" and development. According to the prospectus, accomodations for approximately 50,000 are discussed in the PDF including infield areas. It would seem that some permanent structures are being built inside the oval, similar to how Chelmsford Racecourse was built in the UK.
If the current facility holds 100,000+ on Preakness Friday/Saturday, either they will limit the crowd through admission tickets or some other vehicle. That problem can be solved surely.
If you look at the "New Meadowlands", a smaller grandstand was built to handle today's modern day crowd. In the process, attendance for the Hambletonian has gone from 50,000+ to 12,000.
The point being that you cannot design a facilty for both 5,000 people and 100,000 people and hope to achieve the best experience on both ends of the spectrum.
For the life of me, I do not understand why a $100M uplift to the existing facility cannot be done with land sales forecast from the updated plan. Yes, you will not have nine industrial lots, but you will certainly have some.
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