Pinnacle Race Course assets to be auctioned?

The Southgate News Herald published a story Tuesday suggesting that some assets from Pinnacle Race Course may soon be up for sale.

The story focuses on the appointment of a new Huron Township deputy clerk, but the last few paragraphs are of particular interest….

So far, the department collected more than $55,000 in late taxes. Currently, it is preparing to auction off assets from Pinnacle Race Course and Simply Dave’s.

The township placed orange stickers, dated April 1 and signed by Spangler, on the clubhouse doors at Pinnacle, 18000 Vining Road, for nonpayment of taxes. The Thoroughbred track, owned by Post-It Stables of Jackson, did not reopen for the 2011 season and stopped simulcasting races Nov. 3, 2010.

As of May, Pinnacle owed just under $265,000 to the township for personal property taxes, water bills and state “breakage fees” and just over $1.5 million to Wayne County for real property taxes.

Obviously, there is not a lot of detail there about what would be auctioned off, when it would happen or how likely it is to actually happen. Any speculation on what the auction might entail is just that – speculation – given the half-sentence of information we have. However, if those “assets” include the things necessary to put on the show, like the stripping down of Great Lakes Downs in 2009, that would be a hard setback to overcome on the road to opening the doors once again.

Keep an eye out for future developments.

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8 Comments

Filed under Pinnacle Race Course, Politics

8 responses to “Pinnacle Race Course assets to be auctioned?

  1. Would it be ridiculous to hope that a casino corporation bids on Pinnacle? I’d like to hear some pros and cons on that thought!

  2. mibredclaimer

    A casino buying Pinnacle seems like it would be the most logical outcome if Pinnacle is to remain a racetrack, but unless they know some inside info about Michigan suddenly warming up to the idea of racinos, the state’s prior form would make that a risky proposition for any bidder.

  3. Well we know they have an inside track to the MGCB, might be quite a profitable venture for a casino – they have the deep pockets needed to run that track as it should be run.
    By the way Joe, congrats on your new appointment. If you’d like I will introduce you (online) to a friend who works at Juddmonte – she always has fascinating stories to tell.

  4. ragman

    Crain’s article on Pinnacle’s “Jobs,Jobs,Jobs”.

  5. Yet Where’s Crain’s article on MICHIGAN DISSOLVES THE ORC, THROWS HORSE RACING TO THE CASINO JURISDICTION MGCB, MGCB CUTS ALLOTTED DATES FROM 84 TO 3, CUTS THE HORSEMEN/WOMEN THROATS, HAS SLAUGHTERED THE HORSE RACING INDUSTRY.

    You won’t find this TRUTH in CRAIN’S,
    WILL YOU?

    I was contacted by WXYZ’s Mary Conway and the Producer Ross Jones of her story on PRC’s Audit Blaming Ficano, because of my last two blogs blasting their unfair reporting.

    They ELUDE the TRUTH AS WELL.

    HUH RAGMAN?

  6. ragman

    Joe
    Let’s say Gov Snyder thinks racinos would be a great idea. How does it happen without a state-wide vote as in prop 1(?) When prop 1 was
    approved by the voters not one county voted in favor of the tracks or horsemen. It’s in the constitution now.

    First MPM shipper today. Easy Ernie in the 6th at Thistle. “Stumbled 2nd turn” at MPM. 2nd at Hawthorne in his 1st start. Might pay a price.

    Good luck in Lexington.

  7. Because the misled the majority of the people who put their signatures to get that on the ballot. Most of the people thought it was to expand gaming to the tracks not prevent it. They didn’t even have the petitions language sitting on the tables at Greek Town when they asked me and my boyfriend to sign. I said where’s the petition to be read. They replied they didn’t have it.

    They were talking a lot of bull to people so they never knew what the hell they were signing or voting on. Are you sure your not Dan Adkins Ragman?

    But if you want to be smart about it, this is more detailed. You know better than that Ragman. You can’t argue with truth. You can try but you’ll fail miserably.

    http://longshotsblues.wordpress.com/2011/02/27/michigans-hypocritical-attitude-on-gaming-from-casinos-to-charity-casinos-but-continue-to-say-no-to-the-horse-racing-tracks/

  8. ragman

    For Wednesday August 10, 2011…

    Hoosier Park a slots track…9 races with 5 having purses over $35,000
    and the smallest being $16,000. Total handle $835,509 comprised of $26,995 on track and $808,514 off track.

    Thistledown a non slots track…8 races with 5 having a purse of $4,300.
    Total handle $1,325,994 comprised of $41,838 on track and $1,284,156
    off track.

    So without slots fueled purses and 1 less race Thistle was able to do 50% better in both on and off track handle.

    In August of 2010 Pinnacle was open for live racing 8 days(weekends)
    and had a total handle of $658,249 for the entire month. Less than half
    of what Thistle handled yesterday. Purses were much larger with with the minimum at Pinnacle of $5,700 and there was only probably only one of
    those a day. Pinnacle’s largest live handle was on August 7th(a Saturday)
    $40,810 less than the $41,838 that Thistle had. The lowest handle was
    August 15th(a Sunday) $29,131 more than the $26,995 that Hoosier had.

    So does a business model exist for racing without slots? Maybe, but it doesn’t include a country club schedule with inflated purses.

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