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Slots Going on Maryland Ballot in '08

By Mark

The future of horse racing in Maryland will be decided by the voters in 2008. The Maryland state Senate approved a bill on Sunday night placing a referendum on the legalization of slot machines on the ballot for approval by the voters next year. The House had approved the measure on Friday.

The bill which passed the General Assembly provides for slot machines in five locations, assuming the referendum is approved by the voters. The locations would permit slots at Laurel Park and Ocean Downs racetracks, but most significantly not at Pimlico, home of the Preakness. How this will affect the future of the Pimlico and the Preakness is difficult to say with any certainty but it can't be good.

In any event, this is good news for racing and for the Maryland breeding industry. While the bulk of the money will be devoted to education, as it should be, there will be a significant impact on the purse being paid to horsemen. The boost in purses will not only be positive for those who are racing but will be a major positive for the Maryland breeding industry, especially if they are smart in how those funds are distributed. If they are earmarked for bonuses paid out to Mayland breeders, then an industry that is currently facing substantial competition from Kentucky, Florida and New York will be immediately strengthened. It will help save a failing track in Laurel, but what it will not do is save Pimlico and the Preakness. What will happen to the Preakness remains a question as Magna will not invest the substantial sums needed to refurbish and renovate Pimlico without slots and without that renovation Pimlico does not have long term viability. Will Magna move the Preakness to another track? Stay tuned - the end of the Maryland racing story has yet to be written.

Full post as published by Sports Biz on November 19, 2007 (boomark / email).