Raton racino OK'd as Correra bows out

ALBUQUERQUE (KRQE) - The horse track and casino proposed for Raton won its delayed gambling license Tuesday after a controversial and politically connected business figure took himself out of the project.

Investment broker Marc Correra had a 30 percent ownership stake in the Raton racino. He recently has been in the headlines for sharing $16 million in fees from companies chosen to manage parts of state pension and permanent funds.

Correra's family also has close ties with Gov. Bill Richardson.

Correra has not been accused of wrongdoing, and acting as a middleman for state investments is not illegal. However some state investment managers have recently adopted polices of not using what are known as placement agents.

The Raton project already had received its racing license, but a decision on the gaming license had been put off repeatedly by the New Mexico Gaming Control Board until Tuesday.

“Mr. Correra is withdrawing his application for his individual finding of suitability," Board Chairman David Norvell said reading a letter from Correra's Chicago attorney.

Moments later, the board approved a casino license for Canadian developer Michael Moldenhauer. He is now the sole owner of the project that's being counted on to boost Raton's economy.

“Do not leave Raton flapping in the northeast New Mexico breeze,” Norvell told Moldenhauer in the public meeting.

Board members praised Moldenhauer's business record and Raton's strategic location near Oklahoma and Colorado.

Correra's withdrawal may have sealed the deal.

“That's a question I can't for certain answer,” Norvell told KRQE News 13. “I would say it would certainly make it more difficult.”

However the answer was clear for board member Demisia Padilla.

“I can't speak for my other colleagues,” she said. “I know that my vote would have probably been a no as well.”

Moldenhauer said he has the financial backing for the Raton racino even with Correra out of the picture. Groundbreaking at the facility is set for June 24.

Under the gaming compact negotiated between the state and the state's Native American governments this will be the sixth and final track and casino allowed on non-tribal lands. The other five racinos are The Downs at Albuquerque, Ruidoso Downs, SunRay Park near Farmington, Sunland Park in southern Doña Ana County and Zia Park at Hobbs.

Raton previously had a horse track without a casino, La Mesa Park, which operated from 1946 until 1992. The rise of tribal casinos often is cited in the closure of La Mesa Park and established tracks at Farmington in 1994 and Santa Fe in 1996.