Ramping up Woodbine Live!
Nick eaves can’t help but smile when he speaks of an ambitious project, one that will change the landscape of a company with a storied past and bright future.
Seated in the second-floor International Room adjacent to Favourites, one of Woodbine Entertainment Group’s (WEG) restaurants, Eaves, President and Chief Operating Officer of WEG, is standing over a highly-detailed miniature-scale model of what represents a $1 billion venture known as Woodbine Live!
It was just over two years ago when WEG and The Cordish Company unveiled plans to develop a 25-acre entertainment district at Woodbine Racetrack. The project will showcase “a variety of year round entertainment opportunities in a mainstream setting.”
When The Cordish Company, a company with an equally distinguished history, presented their idea, WEG had finally found what they were looking for.
Woodbine Live! will transform Woodbine Racetrack into a thriving entertainment destination, including features such as: cinemas, multi-purpose live performance hall, and entertainment venues such as restaurants, bars, clubs and retail shops. Also in the plan is a hotel complete with a pool oasis. The “district” will also offer culinary, retail and entertainment experiences.
It also gave the definitive answer to the question: ‘What does WEG do with an abundance of surplus land?’
Deciding what to do with a plethora of prime real estate in their own backyard had presented WEG with one of its’ biggest challenges over the decades.
Selling the land, even during the so-called trying times, however, was never an option.
For WEG, the project (construction for the initial phase of the two-year process is targeted to commence in 2008) serves as the perfect complement to the company’s core product, live thoroughbred and standardbred racing.
“Before we were introduced to The Cordish Company and their concept of live districts, we really hadn’t seen a use that was going to support our core business of horse racing,” said Eaves. “Whether it was a business park, residential development or an industrial complex- those types of developments were routinely brought to us.
“The decision was, what we can’t have is some sort of development, no matter how profitable it might be, that goes dark at 5 o’clock and everyone goes home,” he continued. “Even though we might earn a good return on the use, it would do nothing for the business that everyone who works here strives so hard to build.”
The ultimate goal, according to Eaves, is to draw upon what is already a strong racing product, and attract new racing fans.
“The racing business, while steady, is challenged in terms of us attracting new customers,” noted Eaves. “We are attracting new customers every year, but it’s difficult because there are so many competing activities in the city. So, it’s becoming increasingly more difficult on a stand-alone basis to introduce new customers to our racing.
“And our gaming compliment, which has been there for eight years, is also becoming somewhat mature. It’s still a massive generator of visits. But those two businesses alone, while successful, in our view aren’t enough to keep the level of growth we would like to see. It was really about now being the time to expose brand new customers to racing.”
Already with over 5-million people a year coming to Woodbine, WEG is still looking at ways to broaden its’ scope, both locally and internationally.
Woodbine Live!, according to Eaves, is the model showcase to achieve that objective.
“If we can get them to Woodbine for any number of reasons, whether it’s the hotel, a concert in the live venue, or one of the new restaurants, retail outlets- whatever the reason, if we can get them to come to the new Woodbine, we can introduce them to racing. That’s how we are going to get new customers. Three-quarters of the battle is getting people here. Woodbine Live! will enable us to bring racing to them.”
“We are very excited about Woodbine Live!” said David Willmont, Chairman and CEO of WEG. “We wanted a tourist and entertainment development that is synergistic with the energy and excitement of live horse racing as opposed to a conventional development. The Cordish Company shares that vision and brings a wealth of experience in creating this environment.”
The two companies each bring to the project over 100 years of business experience. Woodbine Live! is the first Canadian project for The Cordish Company.
A third generation family owned and Baltimore-based development company, The Cordish Company is one of the leading and most respected developers of retail/entertainment and mixed-use projects in the <st1:country-region>
Cordish specializes in entertainment retail centers and has won an unprecedented six Urban Land Institute Awards for Excellence, the highest possible national award in the <st1:country-region>
“There’s a real cultural fit between Woodbine and The Cordish Company,” offered Eaves. “This is a long-term partnership. These things often come down to fit and relationship and mutual respect. That was there from the start.”
“Woodbine represents a unique opportunity for The Cordish Company to team with a phenomenal partner to create a completely unique, world-class district in one of the greatest cities in the world,” offered David Cordish, Chairman, The Cordish Company. “We are tremendously excited about bringing Woodbine Live! to
Other entertainment developments of The Cordish Company include: The Power Plant,
Long-time fan or neophyte, Woodbine Live!, just like the aforementioned developments, will provide a little bit of something for everyone’s taste.
“I don’t know everything about this project, but if Woodbine is willing to commit the money and resources into something like this, you know it will be something special,” said Roy Schneider, a long-time racing fan.
“This development is remarkable because urban design is such an integral part of the plan,” said Mayor David Miller. “These storefronts, walkways, fountains and so on, have the potential to contribute greatly to the overall beauty of our city.”
Something not lost on Eaves and WEG’s management team.
“We have been speaking of how good this will be for Woodbine and our racing, but the benefits extend beyond us and the racing community. We’ve worked closely with the local community to ensure that as many people as possible can be part of its success here. We are working closely with the municipal and provincial governments to ensure their objectives are being met. It’s the same thing with
Woodbine Live! will be a major economic stimulus generating hundreds of millions of dollars in economic benefits to federal, provincial and municipal governments. Approximately 8,000 jobs will be created over the construction period. When completed, Woodbine Live! will generate almost 10,000 permanent jobs.
“This development is tremendous news,” said the Honorable Monte Kwinter, Minister of Community Safety and Correctional Services. “Woodbine Live! will forever supplement the existing entertainment and retail choices available and create thousands of new jobs in the province.”
It’s that type of support that has Eaves and WEG’s beaming.
While there is still plenty of work to be done, there is also ample reason for optimism for both WEG and the city of
“The reality is that there is so much more we can do in the business,” offered Eaves. “The good thing is that we are starting from a very strong base. It’s helpful that people realize that as good as things are, although not perfect, that there are always new opportunities.
“If we don’t change. If we are the very same in five years time, we will be behind the curve. I think we are doing the right thing.”
A vast majority will concur.
Champion trainer Dan Vella, who also serves as a Director of the Horseman’s Benevolent and Protective Association of Ontario, sees Woodbine Live! as a great vehicle to attracting more people to racing.
“WEG has stayed at the forefront of the industry,” said Vella, who won back-to-back Sovereign Awards as <st1:country-region>
“WEG is primarily a horse-racing business and that is still their focus,” continues Vella. “But this project will see the Rexdale area develop into a true entertainment centre.”
Rob Landry, a veteran jockey at the
“I don’t think it’s a good thing, I think it’s a great thing,” said Landry. “It will open up so many doors for the sport.”
“I am reminded when I travel to other racing jurisdictions and elsewhere, just how innovative Woodbine is. And it’s the people in those markets telling us that. Certainly, from the standpoint of this development which will complement our racing business, we’ll show our innovation once this project is delivered. We’re really proud of that.
“From our E.P. Taylor Turf Course, to our broadcasting capabilities, to Polytrack, we are seen as innovators. The culture here is one of innovation and excellence. Shame on us if we don’t take advantage of just how fortunate we are.”
Completion of the initial phase of the project is targeted for late 2010/2011. The following years will see the continued development of entertainment, commercial and residential uses.
“A lot of people say you can’t be all things to all people, and you probably can’t, but if we achieve what we intended to do, people who have varied interest will have something available for them at Woodbine,” noted Eaves.
For 127 years, WEG, Formally known as the Ontario Jockey Club, has built a reputation as an industry leader, innovative and insightful, recognized as one of the most respected racing companies in
Woodbine Live! will only solidify WEG’s standing as a truly world-class destination, horse racing and beyond.