MEC Looks For Investment Support For Laurel Park And Pimlico
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MEC Seeking Investment Partners
For Pimlico And Laurel Park
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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).
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