NASCAR track talks ramp up

[mike32]

sound like all feathers - (no chicken) as in past years. LOL

Linkback: https://www.canadianracingonline.com/smf/index.php?topic=8828.msg59131#msg59131

[Dster]

From what I gather in the article, this "team" trying to find funding for this latest track idea is on the trade junket sent out by Dinty McGinty to drum up interest in and money for the province. Sandra Pupatello, who is heading up the visit to the oil trillionaries, is minister of something or other. Given that they are part of a provincial trade effort...I think I might be catching a whiff of chicken in the oven, but suddenly the world economy has headed south in a real nasty way so it's probably a lost cause yet again. Better luck with the timing next time guys!


Linkback: https://www.canadianracingonline.com/smf/index.php?topic=8828.msg59178#msg59178

[BD]

By Stephen Watson
Updated: 10/14/08 2:40 PM





A Kuwaiti investment bank is leading a group that plans to spend $200 million (Canadian) to build a NASCAR-ready race track and entertainment complex in Fort Erie, Canadian officials announced today.

The consortium from the Middle East and Canada says it will build the 65,000-seat facility on a 623-acre parcel it has purchased just off the Queen Elizabeth Way in Fort Erie.

Investors and local officials say the racing complex will attract new visitors to Ontario, creating 1,200 jobs and generating $34 million (Canadian) in new tax revenue, according to a news release from Bayt Al Mal Investments, the Kuwaiti Islamic investment bank.

"The region will receive a huge shot in the arm through increased economic development and tourism," Peter Partington, the Niagara regional chairman, equivalent to the Erie County executive, said in a statement today issued prior to a news conference in Fort Erie.

The investment group is building the track to the specifications required to host a NASCAR race, and investors hope to persuade NASCAR's governing body to bring a Sprint Cup Series race to the track. NASCAR officials have said in the past that they want to hold a top-tier race in Canada.

About 1,200 people would be hired to build the track, located less than four miles from the border with New York. Another 120 full-time employees would operate the facility.

The complex could be expanded from 65,000 to 100,000 seats, and it will contain both a one-mile oval track and a 2•-mile road course.

Fort Erie Mayor Douglas Martin has been working with Bayt Al Mal for the past 18 months. The other partners in the investment group were not identified.

Martin and economic development officials from the region and the province were in Dubai last week meeting with members of the investment group in an effort to close a deal.

Local officials say the investment in the motor-speedway complex will be the first of many linking Ontario to the Middle East.

"Bayt Al Mal did their homework, recognized Ontario's tremendous potential and made a wise decision to invest here," said Sandra Pupatello, Ontario's minister for international trade and investment.

swatson@buffalo.news


Linkback: https://www.canadianracingonline.com/smf/index.php?topic=8828.msg59468#msg59468

[ernie]

Has an environmental assessment been completed yet? That could take 3 to 7 years to complete for something like this not to mention the tree huggers packing public meetings etc. This is Canada, and specifically Ontario remember. A liberal wouldn't lie about something like this.....would they 

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[crewchief47]

Has an environmental assessment been completed yet?

From the first post in the thread:

With negotiations at a critical stage, the Masons are keeping quiet about the proposal's current status and details of the project, but confirmed their investor has spent about $5 million on land costs and to complete a variety of studies, including environmental, sound and traffic assessments.

Linkback: https://www.canadianracingonline.com/smf/index.php?topic=8828.msg59524#msg59524

[Dster]

This deal may well be way more real than anything that's come before. Having said that, I'm content to wait and see.

Linkback: https://www.canadianracingonline.com/smf/index.php?topic=8828.msg59529#msg59529

[BENCHRACER]

The economy will dictate if it is a GO or NOT.

Estimated that there was close to 60,000 EMPTY seats at Charlotte for the CUP RACE , all the other races this year were way down on attendance.

The minute a NEW TRACK is announced everyone gets GIDDY and no way are they going to miss being there for every event , while in reality most cannot afford the NASCAR style PRICES for everything that involves a RACE WEEKEND.

In the past there was the proposed tracks in Eastern Ontario , 1 at Calabogie Ont , ( actually they have an executive road style course ) , St Catherines , Niagara Falls , Windsor , Kingston had DREAMS of turning the old horse track into a multi use race track wityh the exception of Calabogie all VANISHED as a result of $ .

At a time that has more plants closing , JOHN DEERE in Welland , STERLING TRUCK in St Thomas , lost count of plants cutting back or closing as a result of the AUTO INDUSTRY slump , STELCO in Hamilton just announced a 8 week shutdown , GM closing the truck plant in Oshawa.

Then you have the BIG 3 AUTO MAKERS on the verge of going BANKRUPT , GM talking of doing a deal with CHRYSLER it all has an affect on the racing.

Linkback: https://www.canadianracingonline.com/smf/index.php?topic=8828.msg59544#msg59544

[Statsman]

The economy will dictate if it is a GO or NOT.

I disagree with this statement.

What you don't understand is how the Arab mind works when it comes to stuff like this.

I've lived there for 18 months and been back and forth more times than I care to count. All of the business case rules that you've come to accept as the norm simply do not hold true in an oil fueled economy. Yes I know that the price of oil has dropped significantly but trust me nothing is slowing down over there.

Most of the Gulf states have built state of the art road racing circuits in the past few years. None of these tracks draw anywhere near the kind of crowds we are use to seeing and none of the races do anything but cost huge amounts of money. Now this is something that everyone wants to change but the point is, if they want something they go ahead. Qatar spent nearly as much money last year lighting their 5km road course as what these guys are supposedely investing here.

NASCAR is suffering like everyone else from a the current economic problems but it has a long history of sustained growth and lots of money has been made by the main track owners. The southern Ontario-upstate New York market is untapped potential.

This thing could turn a profit. Compare that to the situation back home and you will see why it might be of interest to Arab investors.

This thing has legs and it is real. Would you like fries with that chicken? BTW, one of the biggest food chains in the middle east is KFC



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[BENCHRACER]

Ok so your an EXPERT on the MID EAST way of throwing $ around.

Been there as well and we have done quite a bit of business with them in the past.

Saw 1 have a new 8 door , 24 car garage buldozed as it cast a shadow that he did not like.

Brand new top of the line Caddy ESCALADES used as work trucks ( demo derby ) so big whoop they know how to waste $.

Now for the CANADIAN / ONTARIO point of view.

There will be concessions that our GOVERMENT ( Fed / Prov ) will likely have to make in either TAX or CASH and after the place drys up ( The Sheik has long forgotten about his investment ) and sits there we the TAX PAYERS will still be on the hook.


Yes they have built some AWESOME tracks over there but to them its like us building a MINI PUTT in the back yard they build it for themselves and could care less if it ever turns a $1.00 profit.

My OPINION is that this track will ( if it goes ahead )  be a FLOP  the TRACKS in the USA are losing $ and cannot fill the seats for TOP RACING venues  so this track is not going to be any different.

As for the ECONOMY not playing a part , tell that to the RACE FANS  that no longer have jobs in and around the Fort Erie area do to the economic downturn.



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[username]

it would be cheaper than ever for a canadian nascar fan to see a race in canada than it would be to travel down south for one.

i think that because the economy is cyclical it will not be long until we are booming again...honestly i believe if we can get 10,000 to a cascar event in cayuga without the marketing power of nascar and without marketing in any US market i would bet on a sellout for another short track cup race...the series is starving for what they have to offer.

Linkback: https://www.canadianracingonline.com/smf/index.php?topic=8828.msg59560#msg59560

[Statsman]

Ok so your an EXPERT on the MID EAST way of throwing $ around.

Been there as well and we have done quite a bit of business with them in the past.

....
My OPINION is that this track will ( if it goes ahead )  be a FLOP  the TRACKS in the USA are losing $ and cannot fill the seats for TOP RACING venues  so this track is not going to be any different.

As for the ECONOMY not playing a part , tell that to the RACE FANS  that no longer have jobs in and around the Fort Erie area do to the economic downturn.

I didn't realize that you specifically had experience there but I would generalize to say most members here don't have it. Sounds like you've seen lots of the kind of stuff I've seen. But I've also seen good business investments being made in places all over the world as well and I think this is more an example of that.

Your argument seems more in line with an operating problem after it is built. I agree that the Sheik could lose interest as I've seen that as well but for something like this where there is much more of a possibility of a viable operation I don't think that would be the case here. If it did happen though I would not be surprised to see ISC or SMI jump in if there is a bargain to be had.

I agree with username that there are more than enough people within driving distance of this one that wouldn't have a hotel bill to worry about or a week long restaurant bill or a 15 hour each way drive with associated gas costs.  That and the population of the Golden Horeshoe and my optomistic view that the economy will cycle (and this is not the end of our way of life) are the reasons I think that this track can turn a profit.



Linkback: https://www.canadianracingonline.com/smf/index.php?topic=8828.msg59566#msg59566

[Thayne]

Statsman is 100% right..it is all look what i did with them guys....they have sky scrapers sitting empty over there....

But look what the Toronto Indy gets for people...I think being within 1.5hours from Toronto will be the big deal here and will fill the place...if it isn;t NASCAR that does it it will be IRL/AMLS/MotoGP/F1?....there are lots of other options, dont think that it will be NASCAR that is the make or break series to visit the venue.....

Linkback: https://www.canadianracingonline.com/smf/index.php?topic=8828.msg59567#msg59567

[southernsponsor]

well you wont  see my ass in a NCATS car on a one mile track.   unless they change a few small things  like  BRAKES  and shocks!!!!!   but then again,  the new nationwide car of tomorrow is coming soon, then there will be another influx of grand national cars for sale. $$$$$$$$$$     my opinion of  a cup race coming to canada is  "never" ,  dont ya think rusty is in line ahead of us hosers!!!  and another race in vegas.  #21  jw

Linkback: https://www.canadianracingonline.com/smf/index.php?topic=8828.msg59572#msg59572

[CanadianRacingOnline]

I would still go the NASCAR race in Michigan.

I would still have to pay for a hotel to see this race in Canada.

I buy stuff in the US and it's still much cheaper in the US. We bought 2 pairs of brand name running shoes for 55.00 and they would have costed 220.00 here.
I bought 3 shirts for myself and Jean Jacket for my daughter. I only paid 45.00. The Jacket alone here would cost me over 60.00 3 shirts here 60.00 = 120.00 - 45.00 = 75.00

Total savings just on a couple things 240.00 pretty funny when you think of it spend 100.00US and save 240.00CAN and you can spend 400 person for the 2 day stay without duty.

Sorry I would love to do all my shopping in Canada but they want to continue to rip us off so they lose about 800.00 a year from my family. It adds up after many years. What pisses me off the most when you go into Chapters and have US money they won't allow you to pay them in US book Price on the book, they convert it to Canadian dollars and then make you pay the Canadian book price which is much much higher then what the dollar conversion is.



This is my mini vacation every year that I look forward to.



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[username]

ok evan, but would you go to a race in fort erie?

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