Las Vegas firm tries to buy New Mexico racetrack

Thursday, Dec. 9, 1999 | 11:55 a.m.

SUN STAFF AND WIRE REPORTS

SANTA FE, N.M. -- The New Mexico Racing Commission plans an emergency meeting this month to consider including races at the Downs of Santa Fe in next year's schedule of racing around the state.

A Nevada company is working to acquire the now-defunct racetrack from the Pojoaque Pueblo tribe.

Pojoaque Pueblo purchased the track south of Santa Fe in 1995. It operated the decades-old facility for two summer seasons and then closed it, saying it had lost $3 million in those seasons.

Racing Commission director Julian Luna said Monday that Star Entertainment of Las Vegas notified his office last month that it was interested in buying the track from the tribe.

"The only thing that I know is that they are looking to purchase the place and are hoping to close by the end of the year," he said.

Star Entertainment officials confirmed they are acquiring the property, and intend to invest about $20 million in its renovation.

Star Entertainment's only other property is the Sneakers All-American Restaurant and Bar in Las Vegas. The company said it is also building a $26 million casino and entertainment complex in Beirut and is negotiating to purchase a racetrack in Russia.

Luna said Star Entertainment would like to start live racing in Santa Fe by next year.

The commission has scheduled a special meeting for Dec. 18 to consider how to structure next year's schedule with the Santa Fe track in mind.

Racing at the Santa Fe track wouldn't necessarily mean fewer race days for other tracks in the state. Instead, Luna said, the commission needs to find the combination of race dates for all the tracks that will work best.

Tracks have been facing tough times financially in recent years, which operators have attributed mostly to competition from Indian-run casinos.

But horse racing has rebounded somewhat under a provision of state law that allows tracks to operate up to 300 slot machines.

Ken Newton, who used to operate the Santa Fe track before the pueblo bought it, said Monday that allowing slot machines at the tracks has been their salvation.

With proper promotion, Newton said he believes horse racing in Santa Fe could succeed.