|Mid-State Raceway Chairman, Paul Noyes, said he will file for bankruptcy ‘as soon as possible’ on behalf of beleaguered New York racetrack, Vernon Downs, to protect it from its creditors. Mid State, which comprises the racetrack, a hotel and an unfinished casino near Syracuse is said to be $30 million in debt. |
The track itself has been plagued my mounting debt and management difficulties for some time. All racing there ceased on July 23, and the state Racing and Wagering Board has suspended the track's racing and simulcasting licenses.
Noyes said: 'it would be better for the track to go into bankruptcy court with its own plan of reorganization, rather than having a plan forced on it by creditors.“ He added that a Chapter 11 bankruptcy would allow it to continue to operate while Mid State put together a step-by-step plan to pay off debts.