Meadowlands Update from Jeffrey Gural

I promised a quick update on the progress in leasing the Meadowlands prior to the 3/15 stakes payments.

The good news is that we continue to make progress in finalizing the plans and I have several groups interested in investing with us in the project.

We would still have to raise $40-$50 million in debt over and above the same amount of equity, which I think may be doable.

Any deal we make, however, is subject to obtaining concessions from the unions, as well as concessions from the State and I expect to have those discussions sometime next week.

I honestly believe that this will all come to a head by the end of the month so, at a bare minimum, the suspense will be over and you will be able to plan accordingly for the race season.

I would hope that people would continue to support the stakes program and, as I said previously, the Hambletonian and the Oaks will definitely go on as scheduled along with possibly some other stakes, but obviously that is not the answer we are all looking for.