Wednesday, August 18, 2010

Richard Fields' big gamble

Banking on the Massachusetts state legislature is a risky bet.
The move to pare back the season’s total purse to $8 million – the minimum that Suffolk is required by the state to offer – from $9.8 million in 2009 is a sign that co-owner Richard Fields may be looking to cut his losses. Fields, as you may remember, placed a big bet on Suffolk – and on the future of the casino industry in the state – when he made a huge investment in Suffolk in 2007. He doubled down with his partners at the track when the ownership team obtained a right to acquire the nearby Wonderland dog track in Revere and a mortgage on that track’s property.
The big question will be: When will Richard Fields be ready to fold his hand?