Bill Murphy sees bright future for Gulfstream Park

The week after the Kentucky Derby, Bill Murphy, president of Gulfstream Park Racing & Casino, shared his thoughts with talkofaventura.com:

TOA: The legislature has just reshaped casino gaming in Florida. What do the changes mean to Gulfstream?

Bill Murphy: It probably goes without saying that a tax rate 15 percent lower will help in terms of added revenues, but there is one aspect that may escape scrutiny: marketing.

Lowering the tax rate is good news not only to us but to horsemen as well. In recent years we have put a premium on our partnership with them, we recognize they are as vested in the future of this property as Gulfstream employees. But, while we know our product is superior to any neighboring ‘racinos,’ we also acknowledge the fact that our marketing efforts have, in many ways, been limited due to the fact that we were paying a 50 percent tax rate to the state.

Much of the tax savings will be applied to our marketing efforts, which we expect will help our bottom line; keep the hundreds of South Floridians we have here working, hopefully add more in the months to come, and further our reputation as a good neighbor.

TOA: On the racing side, it certainly looked like another strong year on the track. But how did the down economy effect the business side, with handle and restaurant business?

Bill Murphy: We are very proud of the fact that, not only did we turn a corner with our business here, but also that we are bucking the trends of other racetracks throughout the country.

That hasn’t been the case so far this year. Look at Keeneland, the premier meeting of the spring. Business was down almost 20 percent. Handle on the Kentucky Derby at Churchill Downs was down 5.3 percent. The Daily Racing Form, the national trade daily, reports handle down double digits throughout the country. Yet our business grew nearly 4 percent, totaling more than $660 million overall, or $23 million more than last year.

The effect of a strong race meeting carried over elsewhere, and business in our slots, our poker room and our two restaurants -- Ten Palms and Christine Lee’s -- was better for it.

TOA: As neighbors, we’ve all watched with great interest – and occasional frustration – as worked progressed on the roadways and on The Village at Gulfstream Park? Does February 2010 still seem a viable opening date and what can you tell us about the next phases of the construction plan?

Bill Murphy: We can understand the frustrations that come up with construction -- almost tourist season, tourist season, still tourist season and construction -- and construction has been going on for several seasons now, since 2004.

But unquestionably the area will be the better for The Village at Gulfstream. Tenancies seem to be on target, and for questions on that and similar topics I would defer to our friends at Forest City Enterprises and The Village at Gulfstream. As retail continues to enlist, the number of jobs for local residents will grow, and who would argue against the importance of that?

From our perspective, a vibrant retail enterprise will expose our product to fuller view. We’re very proud of the product we have here and we can’t wait to show it off to an audience that may not be aware of the pageantry and excitement of horse racing.

TOA: The bankruptcy filing of your parent company, Magna Entertainment, has been in the news. Magna has said it may have to sell off some assets. Gulfstream is a going business but it also sits on some very valuable land. What are the chances Gulfstream will come through this bankruptcy situation unchanged?

Bill Murphy: I’m not sure of the likelihood of any enterprise or any individual going through a bankruptcy and remaining unchanged, but for us, as you alluded, Gulfstream continues to be a viable enterprise. We are still open for business. I’m proud to say we still have many people working and we are still looking for ways to grow that business and to get more people working in the future.

Gulfstream Park continues to be the wintertime place to be if you are a racing fan or if you are one of the sport’s superstars. They make their winter home here, and they will continue to do.

We are also aware of the niche Gulfstream Park has here. When tourists think of the Hallandale-Aventura area, they think of Gulfstream Park. We are very proud of that, and we are aware that such recognition comes with a responsibility: The good-neighbor policy we have had in place over recent years – which contributed to such local projects as Weed and Seed and the Police Athletic League and led to the donation of the land for the park on 213th Street – is important to us as fellow citizens and we will make sure of its continuation.

TOA: We’re heading into the long off-season without racing at Gulfstream? What new should our readers be looking for this summer from the casino side of your operation? Any big plans to add entertainment events?

Bill Murphy: The infusion of more marketing dollars will lead to some quirky marketing projects that highlight the casino as well as the dining and entertainment components to our business.

We’re putting an emphasis this year on the local condominiums, those just around the corner from us in Aventura. We have a lot to talk about: We will be offering 25% off the price of a meal at Ten Palms, one of two terrific restaurants we have for those who would like a refined-dining experience. For those who like things less formal, we have the Jameson Jockey Club on the north side of the property. We introduced the Jameson this winter during the race meet and it was a huge hit with young and old alike. It will be open Fridays through Sundays, with live music, and Sunday night will be Latin night with music, dancing. And food, of course. We expect the Jameson to be very popular during football season. And, as always, at Jameson and throughout the property, you can bet horse races throughout the year, day and night, every day of the week.