Monday, February 4, 2013 – The Board of Directors of the Fort Erie Live Racing Consortium (FELRC) met today in an emergency meeting to bring Board members and constituents up to speed on the latest developments in progress towards negotiating a racing season for 2013 and beyond.
“First and foremost”, said Jim Thibert, Chief Executive Officer of the FELRC “is the news that we have a proposal with our landlord to significantly reduce our lease rate for the Fort Erie racetrack”. The current lease, which was to expire December 31, 2012, was extended by mutual agreement to March 31, 2013 and calls for annual rent payments in the amount of $650,000 to the Nordic gaming Corporation (El Ad Canada).
In an effort to develop a business case in shared goals with the Province, to work towards sustainability on an industry-wide basis, the FELRC shared its financials, audited statements, business plan and financial projections with both the Province and the FELRC’s landlords. As a result, Nordic Gaming Corporation (El Ad Canada) which has always worked closely with the FELRC, has offered FELRC a two-year extension commencing April 1, 2013 with an annual rental payment of $395,000 per year.
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