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Tuesday, June 09, 2009
Correra Cut From Gaming Board Agenda
By Charles D. Brunt
Journal Staff Writer
For the fourth time since May 1, the New Mexico Gaming Control Board will consider licenses for a Raton horse racing track and casino during a special meeting today.
But unlike the board's past considerations, a license for controversial investment broker Marc Correra of Santa Fe is no longer on the agenda.
Correra's attorney, Sam Bregman, declined Monday to say whether Correra is still a partner in Horse Racing at Raton LP, a partnership with Canadian investor Michael Moldenhauer that plans to formally break ground on a $50 million racino in Raton in two weeks.
"I don't think it's appropriate to make any comment about it while it's pending before the Gaming Control Board," Bregman said.
Contacted at his Toronto-area office on Monday, Moldenhauer also declined to say whether Correra is still a partner in the venture.
Messages left with Correra's Santa Fe office on Friday and Monday were not returned.
In May, the governor-appointed Gaming Control Board delayed action on a gaming license for the Raton racino.
The board also put off consideration of "findings of suitability" applications for Moldenhauer and Correra at its May 19 regular meeting. A "finding of suitability" is essentially a personal license required for top-level investors, owners and managers of casinos, which are granted or denied based largely on background checks. Once granted, findings of suitability must be renewed by the board annually.
John Monforte, the Gaming Control Board's executive director, said Monday that if an individual were to request that their suitability application be withdrawn, it would be confidential information not subject to disclosure.
The sole items on today's agenda are consideration of Horse Racing at Raton's gaming license and Moldenhauer's "finding of suitability" application.
Correra, who is not accused of any wrongdoing, has drawn attention for sharing in at least $16 million in third-party marketer fees paid by recipients of state investment business.
Third-party fees are at the heart of a pay-to-play investigation under way in New York regarding that state's pension funds.
New Mexico's State Investment Council, which has invested with firms that have paid Correra placement fees, has said it will no longer do business with money management firms that pay fees to third-party placement agents.
Correra is the son of Anthony Correra, a Gov. Bill Richardson campaign contributor who served on the governor's transition team. Anthony Correra also served on the board of a Richardson political foundation. Marc Correra's wife, Claudia, once served as Richardson's international protocol officer.
Horse Racing at Raton LP was granted a state racing license in January but must acquire a state gaming license to operate its casino.
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