The New Jersey Motorsports Park in Millville has filed for bankruptcy, citing the economic downturn. Park officials, who held a job fair about two weeks ago, stated the facility will operate for the 2011 season.
Operators say the recession has stalled the residential and retail development on which they depended for full financial success, according to the Press of Atlantic City. Monday’s filing for Chapter 11 bankruptcy protection comes less than three years after the facility opened.
Although park GM Brad Scott says race attendance is “pretty close to where we had projected,” plans for luxury villas, retail space and hotels on the property did not materialize.
Park owner and managing partner Lee Brahin said in a statement that the filing was “necessary to protect future operations and to allow the park to continue providing employment and other economic support to the local and regional communities.”
Millville Economic Development Director Don Ayres said the park is directly responsible for the construction of two hotels in Vineland and one in Millville, and plans for several others in the area.
The park’s Web site advertises plans that include a world-class road course, an “exclusive motorsports racing club,” luxury “trackside Villa homes” and a “first-class karting facility where anyone can experience the thrill of motorsports behind the wheel for the first time.”
Posted by Holly Wagner
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