MEC Looks For Investment Support For Laurel Park And Pimlico

MEC Seeking Investment Partners For Pimlico And Laurel Park

Magna Entertainment Corp. is “actively seeking investment partners at its racetracks, including Laurel Park and Pimlico,” according to John Scheinman of the WASHINGTON POST. Magna Vice Chair Dennis Mills said that Laurel Park and Pimlico “are not for sale,” but the company “needs financial backing to accelerate plans for the international expansion of its telephone- and Internet-based account wagering platforms as well as to appease shareholders.” Mills added, “We are dedicated to the overall renewal of the thoroughbred industry in North America.” Maryland Jockey Club President Joe De Francis said that it “will be difficult to attract a major investor at Laurel Park and Pimlico, considering the impasse over slots.” De Francis: “Given the current situation, I can’t imagine anyone coming into Laurel and Pimlico. The current situation being Pennsylvania tracks are about to come in with slots in the next 18 months and hit Maryland like a Mack truck.” Mills suggested that a “likely partner would be a gaming company or a real estate developer” (WASHINGTON POST, 7/27).