Stronach’s MI Group Buys Laurel Park and Pimlico–What??????? Deja Vu??????

This one makes no sense to me but I am sure the bankruptcy Judge will have a lot to say. In a shocking development the Sun reports: The Canadian conglomerate that owns bankrupt Magna Entertainment Corp. is buying Laurel Park and Pimlico Race Course from the financially strapped company in a deal that likely secures the fate of the Preakness in Maryland and could open the door for developing the land around the horse tracks.

Magna had planned to sell the Maryland tracks at auction Thursday but instead brokered an agreement with MI Developments, the real estate company owned by horse-racing magnate Frank Stronach that’s also Magna’s parent company. The agreement must be approved by a bankruptcy judge.  While Magna has millions of dollars in debt from its money-losing tracks, MID is a financially sound company that some industry observers said could help save Maryland’s ailing horse-racing tradition. But the deal also elicited cries of “back-room dealing” from critics, including some of the six bidders who had been vying for the tracks in auction. They said ownership is essentially being transferred to the same people who had let the tracks founder in recent years.

The statement also seemed to leave open the possibility for new gambling operations at the tracks, such as slot machines. The company said it would work with a “financially secure gaming co-venture” to develop any future gambling operations.

In summary, Frank Stronach’s new group is rebuying the 2 tracks on the hopes of securing slots in the Laurel Track. Great local potential buyers like the Cordish Group and Peter Angelos are on the outside looking in.  Am I missing something?  Have you been to Laurel or Pimlico lately? By the way that is Rachel Alexandra on the outside at the Preakness last year.

There is One Response to this Post
  1. freddy from boca

    with the fight against cordish to have a slots casino at arundal mall there is some sort of chance laurel getting slots. this could be one reason why m i d wanted to buy the tracks. another reason is they might sell the tracks down the road for a greater profit. as long as mid owns the tracks racing in maryland will suffer as it has for the last 20 yrs under the ownership of joe/karin defrancis and magna. another sad day in the dying horse racing industry in maryland.

    Reply ·   11/12/2019

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