view raw text
Mackenzie Says Most Surplus Used for Stable Improvements HOLLYWOOD PARK, Inglewood, Calif., May 12. — Jack F. MacKenzie, director of racing at Hollywood Park, today told a representative of Daily Racing Form that the horsemen evidently are carrying a misunderstanding on the ,500.00 "surplus" which they say Hollywood has. In round figures, said MacKenzie, "three and one-half million of that amount has been spent on improvements, such as the installation of elevators, the installation of a hot water system throughout the stable area, extension of the grandstand and other minor items. That amount has been spent in capital investment, leaving approximately one million on hand, a necessary amount to handle the opening of the track." MacKenzie also said that the board of directors were really just trustees for 1,650 stockholders and it was their job to watch their step and not deplete the treasury, or face the prospect of a stockholders suit. MacKenzie also termed the 40 per cent demand "falacious," like comparing apples and oranges. "New York tracks receive only 4 per cent to operate on so they can not give the service Hollywood Park does or offer racing in such attractive surroundings," added MacKenzie. "I cannot understand the horsemen calling our purse program niggardly, " continued MacKenzie, "when it is the biggest in the country. We have tried to spread out the stakes to give more owners a chance to win them and we have batches of them for 0,000 and 5,000." MacKenzie concluded his remarks by saying, "the Hollywood Park board of directors is willing to meet with a committee of horsemen at any time without any animosity or hard feelings."
