Betfair Hollywood Park plans to close

 

A little over a year after signing a marketing and naming rights deal with betting exchange and online casino operator Betfair, the Los Angeles-based Hollywood Park  thoroughbred horseracing venue has announced that it will be closing at the end of 2013.

 

Betfair signed the five-year sponsorship agreement in March of 2012 with the Hollywood Park Racing Association via its Betfair US subsidiary to see the 75-year-old  track renamed Betfair Hollywood Park.

 

Only last year the track signed a landmark five-year deal with Betfair, renaming the track as 'Betfair Hollywood Park'in the first naming rights agreement for a  horseracing track in the US, but the course will shut at the end of this year's Fall meeting on December 22.

 

The track's future has been in doubt for several years, and on Thursday a letter sent to the California Horse Racing Board, written by president Jack Liebau, confirmed  the track will not seek racing dates for 2014.

 

Liebau said in the letter: 'When Hollywood Park was purchased in 2005 from Churchill Downs Inc., (Hollywood Park Land Co.) stated that racing would continue for a  minimum of three years, and promised that during the three-year period, a concerted effort would be made to improve racing's business model.

 

'Without success, (the company) spent millions on two statewide initiatives that would have brought slot machines to Hollywood Park,and thereby assured the  continuation of racing.

 

'In the absence of a favorable change in racing's business model, the ultimate development of the Hollywood property was inevitable. Sadly for we who love racing and  Hollywood Park, it was simply a matter of time.'

 

Contigency plans have been formed in the event of Hollywood Park's closure, with Santa Anita and Del Mar set to stage additional fixtures.

The historic venue stages 11 Grade 1 events, headed by its signature event, the Hollywood Gold Cup, plus a lucrative turf festival in November featuring the Hollywood  Derby and American Oaks.

 

Only last year the track signed a landmark five-year deal with Betfair, renaming the track as 'Betfair Hollywood Park'in the first naming rights agreement for a  horseracing track in the US, but the course will shut at the end of this year's Fall meeting on December 22.

 

The track's future has been in doubt for several years, and on Thursday a letter sent to the California Horse Racing Board, written by president Jack Liebau, confirmed  the track will not seek racing dates for 2014.

 

Liebau said in the letter: 'When Hollywood Park was purchased in 2005 from Churchill Downs Inc., (Hollywood Park Land Co.) stated that racing would continue for a  minimum of three years, and promised that during the three-year period, a concerted effort would be made to improve racing's business model.

 

'Without success, (the company) spent millions on two statewide initiatives that would have brought slot machines to Hollywood Park,and thereby assured the  continuation of racing.

 

'In the absence of a favorable change in racing's business model, the ultimate development of the Hollywood property was inevitable. Sadly for we who love racing and  Hollywood Park, it was simply a matter of time

 

According to a report from The Racing Post daily horseracing newspaper, the site of the inaugural Breeder’s Cup event in 1984 is now to shut its doors from December 22  due to a lack of progress concerning its ‘business model’.

 

“When Hollywood Park was purchased in 2005 from Churchill Downs Incorporated, Hollywood Park Land Company stated that racing would continue for a minimum of three  years and promised that during the three-year period a concerted effort would be made to improve the racing’s business model,” read a letter from Jack Liebau,  President for Hollywood Park Racing Association, sent to the California Horse Racing Board.

 

“Without success, [the company] spent millions on two state-wide initiatives that would have brought slot machines to Hollywood Park and thereby assured the  continuation of racing.

 

“In the absence of a favourable change in racing’s business model, the ultimate development of the Hollywood property was inevitable. Sadly for we who love racing and  Hollywood Park, it was simply a matter of time.”

 

The California venue regularly stages twelve Grade One events a year with November set to see it host its signature Hollywood Gold Cup and a lucrative turf festival.

The property's Hollywood Park Casino will remain in operation.

 

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