VANCOUVER (NEWS1130) – Great Canadian Gaming is looking at the possibility of closing Hastings Racecourse. The revenues are down 19 per cent, the lease is up next year, and the company has to do some major infrastructure upgrades.
Vice President Howard Blank says the lease agreement with the city requires the company add a parkade and improve the back stretch, but he says the money just isn’t there. “Our revenues have not been positive enough for us to be able to do that kind of capital commitment, and therefore we’re in negotiations with the city as to changing those requirements.”
The company and the city have been in talks for some time and Blank says it isn’t a crisis situation. “I feel very optimistic that we’ll be able to come to a favourable conclusion.”
If the racecourse is to close, the decision needs to be made by October 31st, unless the city extends the deadline.