Baymount Incorporated
TSX VENTURE : BYM

Baymount Incorporated

October 24, 2006 09:17 ET

Baymount and OLG Sign Site Holder Agreement for Quinte Raceway

TORONTO, ONTARIO--(CCNMatthews - Oct. 24, 2006) - Baymount Incorporated ("Baymount")(TSX VENTURE:BYM) is pleased to announce that its wholly-owned subsidiary Belleville Racetrack Development Corporation ("BRDC") has entered into a Prescribed Lottery Scheme Site Holder Facilities Agreement with Ontario Lottery and Gaming Corporation ("OLG") for the hosting of an OLG slot machine gaming floor at the new Quinte Exhibition and Raceway ("QER"). Baymount has also received confirmation from OLG that the new facility to be located in Belleville, Ontario will feature approximately 200 slot machines. QER is the eighteenth Ontario racetrack to receive a slot machine allocation under OLG's Slots-at-Racetracks program.

The new QER will be constructed on BRDC's Belleville property, which is located on Bell Boulevard near the Wallbridge-Loyalist Road and Highway 401 interchange. The planned 75 acre development will feature a 35,000 square foot clubhouse and gaming facility that will feature a state of the art simulcast area and lounge, the slot gaming floor owned and operated by OLG and a 108 seat restaurant also owned and operated by OLG. The outdoor grandstand will feature 215 seats and a patio dining area overlooking the new half mile racetrack. The planned development will also feature an expandable 60,000 square foot shared paddock and exhibition facility that will provide for events throughout the year. The exhibition and its events will continue to be operated by the Belleville Agricultural Society.

BRDC also owns an additional 63 acres of future commercial development land adjacent to the new QER development with ten of these acres bordering Highway 401. The company is currently evaluating potential development opportunities for these lands.

The next steps for Baymount include finalizing the project debt financing for the development and completing the working drawings for the facility. The development remains subject to Site Plan Approval from the City of Belleville and this is expected in the near future. Once these steps have been completed the company can move forward with construction of the new QER.

Mr. Graham Simmonds, President and Chief Executive Officer of Baymount stated, "We are very pleased with the progress we are making and are excited to be bringing this significant new development to the City of Belleville. Our management team has worked closely with the OLG and the City of Belleville to ensure that the new QER is a centre for growth and expansion of the local economy." He added, "The new QER will also provide a significant boost to the local horseracing industry through additional revenues and the much improved racing facilities. We expect to maintain the current level of race days while continuing to work with the horseracing community to evaluate future growth opportunities."

"OLG is very pleased to share in this announcement, and we look forward to continuing to work with the BRDC to bring the slots facility into reality," said Karl Gagesch, Vice President - Development for OLG. "Our purpose is to generate revenues provincially and economic and social benefits locally. In addition to providing an exciting new gaming facility for the public, we will also be generating new revenues for the horseracing industry, for the City of Belleville, and additional benefits for the regional economy through the creation of new jobs."

About Baymount

Baymount seeks out and develops opportunities within the horseracing industry. It is the Baymount philosophy to create entertainment destinations for consumers while providing our investors with a vehicle that allows them to participate in the growth of Canadian gaming at racetracks.

Baymount's wholly-owned subsidiary Belleville Racetrack Development Corporation has an agreement with the Belleville Agricultural Society to build a facility to relocate the Quinte Exhibition and Raceway in Belleville, Ontario. QER is one of the 18 racetrack licenses in Ontario eligible to participate in Ontario's Slots-at-Racetracks program. Earlier this year, the Alcohol and Gaming Commission of Ontario found BRDC suitable to act as Landlord for the proposed OLG gaming premises to be located at the new QER. The company has also received Preliminary Approval for a License to Operate a Racetrack from the Ontario Racing Commission.

Baymount is also pursuing a standardbred racing license for the development of a new racetrack and gaming facility in Brandon, Manitoba. In addition to these exciting development opportunities, Baymount continues to pursue regulatory approval for Instant Racing, a patented electronic horseracing and pari-mutuel wagering system that emulates the very successful slot machine experience. Baymount also owns the FasTrack information product, a proprietary horseracing information product with an easy-to-use design that can be used to introduce new fans to the sport of horseracing.

For additional information please visit the company's website at www.bym.ca.

Contact Information

  • Baymount Incorporated
    Mr. Graham Simmonds
    President and Chief Executive Officer
    (416) 979-2881 Ext.223
    Email: graham@bym.ca
    Website: www.bym.ca
    or
    OLG Public Affairs
    (416) 324-6541