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    Wednesday
    Sep182013

    How Detroit Put a Rain Delay on El Paso's Stadium Financing

    Detroit's bankruptcy rattled the muni bond market when El Paso needed it most.
    BY  SEPTEMBER 3, 2013

    There isn’t much that links a low-lying Texas border town like El Paso to a former northern industrial hotbed like Detroit—that is, there wasn’t until very recently, when the 1,700 miles stretching between the two suddenly seemed too close to officials in the southwestern city.

    When Detroit began its official spiral into bankruptcy, it rattled the municipal market at exactly the time El Paso was issuing revenue-backed bonds to finance a new minor league baseball stadium. City officials say they made the best of a bad situation and ended up increasing the interest rate on their bonds, which closed last week, to make them more appealing. But some say El Paso’s ambition – the city had already broken ground on the stadium, part of a massive, bonded downtown revitalization -- forced it into a must-sell transaction that cost the city more money than it should have.

     

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    Wednesday
    Dec282011

    Many hope Rosecroft revival is on the way as reopening set

    Long-beleaguered Rosecroft Raceway is slated to reopen Thursday after being closed for more than a year, the first step in what some believe will be a revival of the Prince George's County harness racing track.

    Rosecroft will reopen for simulcast betting -- bets placed at Rosecroft on races being run at other harness tracks. Owner Penn National Gaming, which bought the Fort Washington track out of bankruptcy in February, plans to bring back live racing on Oct. 21. The 20 racing days will be the first season for the track since the former owner halted racing three years ago.

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    Thursday
    Jul072011

    Live racing coming soon to Rosecroft?

     

    Live horse racing may soon be back on it's way to Prince George's County's Rosecroft Raceway after a more than three year drought. The track's new owner, Penn National Gaming, was conditionally awarded a racing license this week by the Maryland Racing Commission.

    Under the conditions set forth by the commission, Penn National, which bought the track out of bankruptcy earlier this year, must guarantee the track’s operations through 2012. Rosecroft must host 20 live racing meets through the end of this year and 54 in 2012. Under those conditions, racing can return to Prince George’s County as soon as August 1.

     

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    Friday
    Jul012011

    It isn't goodbye — it's catch you later, Baltimore!

    On Thursday evening Fox Sports Radio in Baltimore, the home of Sports with Coleman, told its employees it was changing formats to an all-talk station. On Thursday morning they woke up with a job. On Thursday night they went to bed with no need to set their alarm for the next morning.

    It was abrupt. But that's also radio. And it's an industry that — like the newspaper industry — is forever trying tweak, penny pinch, shave ... you get the point. And at the end of the day it's to the detriment of the listeners and fans and very much so to the talent who work their tails off.

    I'd like to thank Jerry Coleman and his producer Pat O'Neill for having me join their show every Friday practically without fail for two and a half years. It was always one of the highlights on my week and gave me a format where I could be my casual-yet-still-informative self. I hope. Plus it gave me free advertising for my blog and you really can't beat that!

    Jerry and Pat, I know you guys will land on your feet — talented people always do. I'm just glad we got to know each other these past few years and hope to work again with you both!