Edited press release
Coastal Development Massachusetts, a development company headed by Richard Fields, has acquired a significant interest in Sterling Suffolk Racecourse, which owns and operates Suffolk Downs in Massachusetts. The acquisition makes Coastal Development the largest shareholder in Sterling Suffolk Racecourse.
As chairman and founder of Coastal Development, Fields successfully co-developed the Seminole Hard Rock Casino and Hotel Projects in Tampa and Hollywood, Fla., respectively, with the Cordish Company. He also is a member of Excelsior Racing Associates, which has submitted a bid to operate Aqueduct, Belmont Park, and Saratoga in New York.
In addition to Fields, Sterling Suffolk Racecourse’s primary shareholders include partnerships controlled by Joe O'Donnell, the chairman of Boston Culinary Group; Vornado Realty Trust; and Hall Properties.
“Richard Fields' investment in Suffolk Downs is a positive development for horseracing in Massachusetts,” Suffolk Downs president John Hall said. “He is an avid horseman who brings extraordinary enthusiasm for racing as well as considerable expertise in gaming and development.”
“I am excited about my investment in Suffolk Downs and about the future of this historic venue,” Fields said. “Over the next few months, our team will be pursuing a master plan that allows us to integrate the horseracing that has long defined Suffolk Downs with a world-class facility for everyone who visits our site. I am excited about bringing our experience and passion for the sport to racing at Suffolk Downs.”
As he has done in other locations, Fields will look to include a full range of resort activities in the master plan, including retail, restaurants, and live entertainment, family activities, and other high-end resort amenities.
“We are excited both by this new investment in racing in New England and by Richard Fields’ vision for revitalizing Suffolk Downs,” said Al Balestra, president of the New England Horsemen’s Benevolent and Protective Association.