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ENTRY FEATURE

JEFFRIES FREEWAY (1-96) (SCHOOLCRAFT)

'Whipping DEC

Jewish investors have big development plans for the racing landmark.

ALAN ABRAMS
Special to The Jewish News

I

n the end, the odds were simply
insurmountable. The British
absentee owners of the econom-
ically stagnant Ladbroke DRC
(Detroit Race Course) saw their thin
margin of profitability rapidly dimin-
ishing as Detroiters began placing
their bets in casinos instead of on the
horses.
The slot machines at Windsor's two
interim casinos are pulling in a steady
stream of bettors, many of whom were
formerly content to take their chances
on the ponies. With Detroit's three
riverfront casinos looming over the
horizon, the competition for gambling
dollars can only become more fierce.
Ladbroke, the British betting giant
which prides itself on always being
one step ahead of the odds, saw the
handwriting on the wall. Last March,
Ladbroke sold the almost-50-year-old

6/12

1998

126

(the final race at DRC won't be run
4,000 jobs and generate $4 million in
Livonia landmark to Millennium Park
until November), word of the devel-
annual taxes.
L.L.C.
opment is already underscoring a pos-
Although development of the
The new owners of the track are six
sible economic rebirth for Livonia,
Millenium Park industrial and retail
local Jewish businessmen. They part-
said Marvin Walkon, one of the
center
is
still
in
the
preliminary
stage
ners paid approximately $30 million
Millennium Park L.L.C. part-
for the 200-acre parcel at the
ners, and the spokesman for the
southeast corner of I-96 and
group.
Middlebelt Road, and plan
Walkon is president of
to invest an additional $100
Walkon
Associates Inc., a
million in the project.
Farmington
Hills-based devel-
Ironically, the sale came
opment
firm.
The other mem-
just as the racetrack industry
bers
of
the
Millennium
L.L.C.
launched a multimillion dol-
development
team
include
Paul
lar national advertising cam-
Borman,
former
president
of
paign to stem their econom-
Borman's
Inc.,
which
owned
the
ic bleeding.
Farmer Jack supermarket chain;
During peak racing sea-
Fred Goldberg, president of
son — April through
Community Theatres, Inc.;
November — Ladbroke has
Tom
Goldberg, president of
1,000 workers, including
FTG
Realty Group; Arnold
trainers, jockeys and grooms,
Jacob,
president of
and generates under $1 mil-
Mountainview
Properties, Inc.;
lion in annual tax revenues.
and
Michael
D.
Gorge, presi-
a
commer-
Walkon
and
a
group
of
investors
plan
Marvin
But Millennium Park is
dent
of
M.D.
Gorge
& Co., a
expected to create as many as ciailind ustrial complex on the site of Ladbroke DRC