Las Vegas Thoroughbred Racing Assn Stock Certificate 1951 Signed Joseph M Smoot

Description

Las Vegas Thoroughbred Racing Assn Stock Certificate 1951 Signed Joseph M Smoot
Las Vegas Thoroughbred Racing Assn Stock Certificate 1951 Signed Joseph M Smoot
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Description
Las Vegas Thoroughbred Racing Association Stock Certificate (number 7816)
signed by President Joseph M. Smoot and Secretary Joan D. Hays, issued on June 9, 1951 for 40 shares to John Quiroga, 9 by 12 inches, in excellent condition.
This historic document that was associated with the initial development of Las Vegas and also one of its notorious swindles was printed by Chipron Stamp Co., Los Angeles, and has an ornate border with company header.
The Las Vegas Thoroubred Racing Association was organized in the late 1940s by Smoot to build a major horse racing facility on the south side of Las Vegas.
Smoot funded the company with million that he raised from about 8,000 investors.
He claimed to have helped build major tracks before including Hialeah Race Track in Miami, Florida, Gulf Stream Race Track in Hollywood Florida, and Santa Anita Race Track, in Arcadia, California.
Unfortunately for the investors, none of these claims were true.
Smoot was unable to deliver on his promises.
Construction was delayed well past the expected original opening date.
To placate investors, Smoot published an apology in a local newspaper. Later, Smoot and two others were charged with felony embezzlement after he could not provide receipts for missing 0,000. A trustee was appointed by a federal judge to run the track. Smoot remained indicted until he was found dead in a hotel room two years later.
After a new company was able to open a major track for horse racing and later auto racing, it proved to be a failure and was shut down and demolished in 1959.
The land was subdivided and sold.
Today the parcels are occupied by the Las Vegas Hilton, the Las Vegas Convention Center, and part of the Las Vegas Country Club.
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