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Casino to Rise as Racetrack Closes

Posted on November 5th, 2010

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The casino-related measures in various states met mixed results. For the state of Maryland, the pro-casino front proved to be victorious, much to the relief of its supporters. The contest was a tight race with funding poured into the campaigns. The mesure includes rezoning, which in turn, would allow a casino near a mall in Anne Arundel County. Voters in the county approved plans by the Cordish Cos. to build a new entertainment complex. This will include a slots parlor at Arundel Mills Mall and an entertainment venue which will feature a new Rams Head musical venue. For Question A, which asked voters if the current zoning ordinance which allows Cordish Cos. to build slots should still be enforced, the election was a bitter fight to the finish for both camps. Both proponents and opponents spent a total of $6 million campaigning, which is a lot considering the campaign for the casino should already have been given a little boost with the relative success of the new Hollywood Casino slots facility in the state. Money spent by the casino proponents was apparently well-spent, as more voters went to their side. The developer won 56 percent of the vote, which gave the anti-slots group 44 percent of the vote.

With the vote result, racing officials of the state have declared their plans to close the busiest racetrack of the state. They claim that this shall take effect next year, and redevelopment will commence for a nearby slots casino. With the development, the racing industry of the state would be downsized as well. Maryland used to host a number of the most prominent events in the racing calendar. With the racetrack to be closed next year, the state will only be witnessing one racing meet in their vicinity. The president of the Maryland Jockey Club, Tom Chuckas said that there is no way that Laurel Park which the jockey club operates, could compete” with the casino that will be constructed by David Cordish and his company which is based in Baltimore. The only slots license of Anne Arundel County is being held by Cordish. With the county referendum vote upholding the zoning for his site, which is only 10 miles away from the Baltimore-Washington Parkway, this will mean green light for the casino, and the end of the racetrack. Chuckas said, “No racetrack in the county can survive and prosper with a gaming facility [that close].”

Chuckas and other racing officials have been lobbying for almost close to ten years to get slots at the racetracks instead of having them in separate facilities. After all, surrounding states’ tracks have already adapted this “racino” scheme. A member of the Maryland Racing Commission, John Franzone, explained, “The whole genesis of this was for slots to save racing. In West Virginia, Charles Town was basically closed, Delaware Park was closed. … Now everyone raves about their product.” According to Chuckas, the jockey club will be asking the racing commission in its meeting on November that the Laurel track be closed after the ending of the fall meet in December. He said that Laurel would be converted to an off-track betting facility. Parent company, MI Developments, will then convert the area to a mixed-use development. MID is a Canadian company that purchased the racetracks of Maryland when the latter filed for bankruptcy this year. Another racing-related facility that will close is the Bowie Training Center, which will finalize the reduction of the state’s racing schedule to 40 days at the only remaining facility by that time, Pimlico Race Course which hosts the Preakness Stakes.

The Pimlico, which is located in Baltimore, was host to 20 racing days and produced wagering that totaled to $127 million. With Laurel’s closing, the racing industry will be saying goodbye to an era that included, during its heyday, 6 premiere races. Franzone explained, “We won’t be out of business because of Preakness. So that’s good for the operator — it’s not good for the industry.” No statement was issued by Cordish Co. in reaction to this announcement, except one by the company’s President Joe Weinberg. He said that the casino will be generating hundreds of millions of dollars that will fund services provided by the county and state education programs.