City Council, Mayor closer to getting their vice-driven racetrack

Are gambling treatment centers part of Laredo's future economy?

Just last night, Pro8news had a segment on how supposedly helpful, a combination racetrack/casino,or racino, would be to the local economy.  A local horse owner also came out speaking in favor of the idea. He said  that at the present time many Texans are going to nearby states to gamble their money away because those states are already operating these racetrack/casinos. He added that about 44 percent of Louisiana's racino receipts are from Texans.

 A couple of months ago, the Laredo city council, in all their wisdom, voted for a resolution supporting the establishment of such racinos in the Gateway City. Today, the Houston Chronicle had a story concerning 3 future Texas racetracks, including one in Laredo. Why would our so-called city leaders be so happy about allowing  a venue that makes it possible for many desperate people to blow their families' income on one of the oldest vices known to man?

From the Houston Chronicle

The Texas Racing Commission on Friday approved Penn National Gaming’s application for a 50 percent stake in the ownership of Sam Houston Race Park. Penn National will join Maxxam Inc. in a 50-50 ownership arrangement of three Texas racetracks — Sam Houston Race Park, Valley Race Park in Harlingen and Laredo Race Park in Laredo.

“We appreciate the efforts of the Texas Racing Commission, the racing commission staff and the Department of Public Safety in their review and approval of this transaction and look forward to finalizing our investment in the joint venture,” Eric Schippers, senior vice president of public affairs for Penn National Gaming, said in a release Friday.

Penn National, a publicly traded company out of Pennsylvania, now retains ownership interests in more than 30 facilities in 17 jurisdictions. The company had submitted the application for change of ownership last December. With the approval by TRC on Friday, Penn National enters the Texas market for the first time and will serve as managing partner. Final paperwork is expected to be signed by the end of next week. Attorneys representing both sides plan to sign final papers next Friday in Houston.

“A lot of work goes into a request for an ownership change of this magnitude,” TRC chairman Rolando Pablos said. “The commission’s review is detailed. The background investigation that the Department of Public Safety conducts takes time.”  Shawn Hurwitz, CEO of Sam Houston Race Park, said in a statement Friday that the partnership will allow the organization to “work toward a brighter future for Texas horse racing.”

Hal Lundgren contributed to this report.