About $250,000 was spent on economic research and feasibility studies, said Don Chalmers, the majority owner of Coronado Partners, LLC, which wants to build the proposed Coronado Park Race Track and Casino.
Because of Raton’s proximity to major highways and its possible draw from nearby states, Raton is viewed as Tucumcari’s major competitor among the three cities wanting to capture the last racing license, say Coronado supporters.
So researchers focused their attention on Raton. But then Moriarty was granted its request to move its racetrack license from Albuquerque. So, that required another round of studies because Moriarty, like Tucumcari, is on Interstate 40, Chalmers said.
Santa Fe, despite its location on the highly traveled Interstate 25, has been viewed as less of a competitor because it would not draw new dollars into the state.
Coronado Park will not have meaningful impact on a track to be located in Moriarty because Coronado Park is targeting west Texas, specifically Amarillo, while Moriarty is targeting the Albuquerque metro area, according to a report presented to the Racing Commission.
Coronado Park also should not have an impact on New Mexico Tribal gaming enterprises located along the I-40 corridor, the report said.
In addition, the report stated that Coronado Park’s purses to New Mexico horsemen are to be substantially higher in Tucumcari, than in Raton.
For example, projected purses from gaming would be $11.1 million in Tucumcari compared to $5.2 million in Raton.
The summary statistics for the economic impact of Coronado Park show that nearly 75 percent of the revenues and economic development impacts are generated from outside New Mexico, similar to the target markets for Sunland Park near Las Cruses and Zia Park at Hobbs, the report said.
Also, the statistics show that racing handle and taxes paid to the state are substantially higher in Tucumcari, Chalmers said.
Coronado Park would draw about 66 percent of its market from the Amarillo area, the report showed. The next largest market segment, about 16 percent, would come from the area within 100 miles south of Tucumcari, including Clovis.
Gabriel Monte of Freedom New Mexico contributed to this report.
Gross Receipts $114.7 million $69.2 million
Employment 1,128 jobs 681
Earnings $75.8 million $45.7 million
State taxes $2.9 million $1.7 million
income tax $2.1 million $1.3 million
Gaming Revenue $55.3 million $23.2 million
Purses $11.1 million $5.2 million
Gaming Taxes $14.4 million $6.8 million
Source: Coronado Partners, LLC