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Same horse, different jockey at Pimlico
LATEST ON THIS STORYRelated Topics: BALTIMORE
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BALTIMORE (Map, News) - Magna Entertainment Corp. bought the remaining interest on the Maryland Jockey Club from De Francis Entities, which is owned by Joseph and Karin De Francis, for $18.3 million plus interest for the remaining shares of their 25 year-old family business on Monday.
“We agreed that the MEC would acquire the remaining pieces of this business five years ago,” Joseph De Francis said. “My sister and I have had five years to help the business and watch it succeed, our time is up. We all want the tracks to be successful. We’re emotionally involved with this business and Maryland.”
Magna Entertainment Corp. has full ownership of Baltimore’s Pimlico Race Course and Anne Arundel County’s Laurel Park after acquiring initial shares of both venues from the Maryland Jockey Club in November, 2002.
“We have intended to acquire the balance of the shares in the company,” Frank Stronach said, chairman and interim chief executive officer of Magna Entertainment.
However, Joseph De Francis said the Maryland Jockey Club will retain several of its current staff members, including Louis J. Raffetto Jr., the club’s president and chief operating officer.
“I have complete confidence in Louis and the team,” Joseph De Francis said. “The only thing I’m anxious about is the slot issue. I hope the playing fields can be leveled.”
Competing with states like Delaware and West Virginia that offer slot machines has created some financial obstacles for MJC. The club has acquired a significant amount of debt, which could be decreased by the addition of slot machines. If Maryland legalized slots, they would generate millions of dollars in annual revenue, said Senate President Thomas V. "Mike" Miller Jr. The additional revenue could increase victory purses on the track, which would help ensure the horse racing industry survives in Maryland, Miller Jr. said.
“We’re losing money to Delaware and West Virginia, as people travel out of Maryland to play slots,” Miller said. “We need to keep our money in our own state.”
As Maryland continues to prohibit slot machines, MEC has resorted to making money from its other locations. Magna Entertainment is North America’s largest operator of horse racetracks and off-track betting facilities. MEC also owns and operates casinos at several of its racetracks.
However, the lack of slot machines places Maryland at a disadvantage, said De Francis. But Stronach believes the company’s new Debt Elimination Plan, which emphasizes gaming and racing, will bring money back into Maryland.
“While thoroughbred racing in Maryland is currently facing many difficult obstacles,” Stronach said, “we remain optimistic.”
Join the discussion and take our poll in today's examiNation Baltimore: What's your take on legalizing slot machines in Maryland?
Comments from Examiner Readers
8:02 PM MST on Fri., May. 23, 2008 re: "Saddling up for Preakness Celebration"
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8:45 AM MST on Wed., Nov. 7, 2007
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7:18 AM MST on Tue., Nov. 6, 2007
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4:24 AM MST on Wed., Oct. 17, 2007
re: "Maryland Million brings in fans, dollars"
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2:13 PM MST on Wed., Sep. 26, 2007
re: "Same horse, different jockey at Pimlico"
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6:12 AM MST on Wed., Sep. 26, 2007
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5:48 AM MST on Wed., Sep. 26, 2007
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8:40 PM MST on Tue., Sep. 25, 2007
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6:57 AM MST on Mon., May. 14, 2007
re: "Pimlico losing lead in horse racing"
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6:14 AM MST on Mon., May. 14, 2007
re: "Pimlico no longer has lead in Md. horse racing"
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5:59 AM MST on Mon., May. 14, 2007
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Examiner Reader said:
What is the Preakness named after??????
5 agree | 4 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
Slots certainly won't save horse racing in Baltimore since coruppt O'Malley and Dixon are plotting to put them downtown NOT at or NEAR any race track!
114 agree | 122 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
Why should slots have to "save" horse racing? If the market does not support an enterprise, that enterprise should be allowed to go away.
137 agree | 143 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
Horse racing has set it's path in Maryland many years before the issue of slots came up. The blame goes straight to the Maryland Jockey club. They have been penny wise and pound foolist for many years and time waits for no one. Horse racing is dying evey were, No on wants to watch horse run when they can grab a rub off or just push a switch. Wake up Maryland, Slot/ Horse racing means welfare for the rich!
150 agree | 115 disagree
Vote on this comment: I agree or I disagree
Kingie Ala Mode said:
too much racing, tracks will increase ourses on big stake races but do nothing for the fans. Who cares if the Travers is a 1 million dollar purse. Make it half and don't sell bottled water for $5 and charge 3 times as much to get in to the tracks.
112 agree | 133 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
She also won't rush to deal with homicide rate" That is because she is too busy banging Ed Norris, haven't you heard. Being around certain people allows for privy of certain info, and yes MOM has had more then a few affairs. Did you really think that I would waste my years of good principle on that?? Oh ye of little faith, and yea I am the sucker! But I know where my future is headed do you??? Obviously not, when you take evil over good, blinded faith is what you have and serve!!! At least I can say I did what I truly believed to be the right thing to do in God's eyes, how about you with your white trailer trash!!!!
136 agree | 116 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
you are too serious, no harm meant. Now, how about this, "They should know the sincere gift to help keep things calm." I must have blinders on because I am in the dark on this one.
164 agree | 132 disagree
Vote on this comment: I agree or I disagree
Too serous said:
If I had the strength and stamina of a horse I would say ........get er done! Viagra helps i hear. Most phillies say.
161 agree | 121 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
I am a Marylander and Horseman, We need slots to compete with the other state's around us! Pimlico is a disgrace and not worthy of the Preakness in it's current condition. To attract a new fan base the tracks have to be rebuilt, which will be if slots are appoved. I've seen the blue prints! Maryland will be on top again. The great jockeys like Prado and Desermeaux would return, they love Maryland and want to end the careers were they started. After all, We did build Stadiums for our Football and Baseball Teams. Together they don't even employ close to what the Horse Racing Industry does. Remember we lost the Colts and are on the brink of losing our Fillies also, along with the Preakness.
167 agree | 137 disagree
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RN said:
If it were not for some of our heritage, the corperations would not be in MD. or tracks. They should know the sincere gift to help keep things calm.
121 agree | 141 disagree
Vote on this comment: I agree or I disagree
tax free marylander said:
horse racing belongs in Md? But at what price? Should we have to dump money into a dying sport so a small percentage of our population can gamble? this can be said of our horrible school system nation wide! lets keep throwing money into a broken vaccume that does not do what it promises! DeFrances and Mega Entertainment should leave Maryland and take their horses w/ them! And dont forget to take MOM too!
142 agree | 129 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
I had 2 Tennessee Walkers, didn't race them but nice for riding and pets. Max was my favorite of all, he was my cat, how do you know about max? Horse racing belongs in Maryland it is part of our heritage.
110 agree | 140 disagree
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RN said:
I will make a call, just need to make sure it is the right thing to do to be efficient.
172 agree | 128 disagree
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examiner reader said:
"Well lets saddle you up, put 150 pounds on your back, and whip you to make you move faster untill your heart almost expoldes.....than you can tell me its not abuse. Boy are you sick" If I had the strength and stamina of a horse I would say ........get er done! The only one sick is "the living in a shell type of personality." I guess all of us at the race track are sick.....guess you have to live with it.
186 agree | 116 disagree
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examiner reader said:
A call to the gov is needed. Can help out when i can but the call to the gov is needed for sincerity purposes.
186 agree | 123 disagree
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examiner reader said:
"Horse racing is animal abuse" There are some instances of animal abuse in Horse racing, but horse racing in itself is not animal abuse. Horses are competitors by nature and will compete to outrun another horse.
133 agree | 123 disagree
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Examiner Reader said:
The horse racing industry has failed dismally to develop a fan base, and slots aren't going to be the magic bullet. Preakness Day is the economic engine that keeps the industry afloat, but how many of the folks who go to Pimlico to party in the infield ever go back for an afternoon of racing, or even pay attention to the races while they're there. Right now the Pimlico complex is seriously underutilized. The number of racing days keeps shrinking. The Maryland Jockey Club bought up dozens of decent single family homes and demolished them to make room for whatever is/was expected to develop from the slots venture. These weren't falling down rowhouses, but decent middle-class housing. Now that empty (except for one lone house) strip serves as parking for the Preakness and the occasional big event at Pimlico, but is otherwise vacant. I'd love to see more racing dates at Pimlico, with evening races so that people can go to the track without playing hookey from work.
137 agree | 136 disagree
Vote on this comment: I agree or I disagree
examiner reader said:
Someone should notify the Governor, but how would one do that?
129 agree | 118 disagree
Vote on this comment: I agree or I disagree
RN said:
7:18, Are you correct, has someone notified their Gov
114 agree | 145 disagree
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examiner reader said:
"There are several Democratic Candidates that can get the job done. More where he came from. MO do not forget this." Yes but only one is chosen to do it the way it should be done, not just as a job or obligation but for happiness to occur.
140 agree | 122 disagree
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examiner reader said:
What can others do to help out? I am at a loss with deciding what the right move is at this stage in the process.
173 agree | 139 disagree
Vote on this comment: I agree or I disagree
RN said:
MO needs to do the math and quick.
172 agree | 119 disagree
Vote on this comment: I agree or I disagree
A Ritter said:
Maybe I'm confused about the intent of the O'Malley revenue split of funds supplied by the intended slots program. O'Malley intends to give up to 100 million for racing purses and to breeders and another 40 million to the "Racetrack Renewal Fund." Recently MEC bought Laurel Racetrack and Pimlico, to add to their ownership of 9 other racetracks. This Canadian owned company also owns 3 tracks that are attached to casino operations. My question is; When did we get into the business of bailing out corporations that are clearly making money? If their investment was so bad do you think they would have bought both tracks for a mere 18.3 million? Now our Governor wants to "invest" 40 million more to encourage them to stay here? I understand The Preakness brings in millions in revenue to the state, but since when should we line the pockets of a Canadian firm as a payoff to make them stay here?
154 agree | 146 disagree
Vote on this comment: I agree or I disagree
wmcorrow said:
The Maryland Million may have attained record attendance and amount wagered, but was the event profitable? Meaning, did takeout and signal fees cover the six-figure purses on the race card. Do the math, and you will find that the Maryland Million was a financial disaster.
143 agree | 176 disagree
Vote on this comment: I agree or I disagree
RN said:
To Doc: I must admit that an apology is due.....for the past Gov. Lets be fair.....you think that I do not know this "You are trying to save an industry that has been raped by owners, and is suffering financially." I know the risk involved. Slots are fun, exciting, and profitable in their own way. We all have issues, some worse then others, but everyone is not affected by being exposed to slots. Your thinking about slots is based on past bad experiences from those who didn't know how to love.....the game. You can't make someone love.......slots and you can't push it on them, so it is better to just leave......the slots alone. However, I decided that I want to take the gamble. At the end of the day, everyone takes responsibility for their own decisions when taking a risk. Aside from what you and others think I say it is worth it, even with all the risks.
204 agree | 220 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
Doc: What's your point?
197 agree | 158 disagree
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DOC said:
Unfortunately, The Governor does not have all of the information needed to make a decision like this. However, looks like he has jumped, and he won't change his mind now. Sooooooo......Don't give MJC a billion dollar paycheck, please. Make it fair, give everyone a chance to own a Slots Emporium. And most of all don't put all the slot operations in Race Tracks. You are trying to save an industry that has been raped by owners, and is suffering financially. Would you reward a criminal with money, when there were too many criminals on the street. and the criminals could no longer make a living?
184 agree | 181 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
"We’re losing population to Delaware and West Virginia, as people leave Maryland to get away from me, Franchot, Baltimore city, and--most of all-- O'Malley," Miller said.
166 agree | 172 disagree
Vote on this comment: I agree or I disagree
Examiner Reader said:
bring in the slots!
278 agree | 251 disagree
Vote on this comment: I agree or I disagree
PC said:
What about a comparison of the number of racing days at both tracks. Laurel's numbers are higher because they run many more days than Pimlico. A major point that makes most of this story inaccurate.
263 agree | 679 disagree
Vote on this comment: I agree or I disagree
Pimlico Sucks said:
Hmmm, lets see... -Drive to bad neighborhood -Pay $ to park -Pay $ for admission -Pay $ for program Fix this dead industry of get rid of it....
282 agree | 243 disagree
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