Buzzards are circling Maryland’s failing racetracks, but the Preakness Stakes will survive.
Bankruptcy by the owners of Pimlico Race Course and Laurel Park jeopardizes the Triple Crown race, but a fistful of suitors, governor with presidential ambitions and history tying the race to Old Hilltop make the Preakness’ relocation a long shot.
Magna Entertainment ruined Maryland racing during its seven-year tenure. Aside from a new racing surface at Laurel, Magna’s promise of new facilities were broken while seemingly abandoning daily management and slots plans. The company also failed in several other states, but Maryland is especially vulnerable given the rise of neighboring Pennsylvania, Delaware and West Virginia racing through slots profits.
The Preakness is the major asset that will save the industry, though. The second leg of the Triple Crown draws more than 100,000 annually to the Baltimore oval as the Mid-Atlantic’s largest single-day sporting event. Tracks nationwide would covet the race’s international exposure, but Maryland Gov. Martin O’Malley recently introduced legislation to seize the racetracks and the Preakness under eminent domain.
O’Malley is eyeing the White House following fellow Democrat Barack Obama’s run. However, losing the crux of 20,000 jobs worth $1.5 billion annually would be a haunting black eye for his national hopes. O’Malley’s future is tied to the Preakness — otherwise presidential contenders will brand him the second coming of losing the Baltimore Colts.
Fortunately, at least seven suitors are possible. Industry sources say Churchill Downs will consider a bid to control the Kentucky Derby and Preakness. Magna chairman Frank Stronach could buy the tracks from his own company. Former Maryland track owner Joe De Francis is also a possibility.
There are new players, too. Baltimore Orioles owner Peter Angelos is interested, though he twice walked away from deals for Rosecroft Raceway. Angelos is a thoroughbred owner and breeder, but he’s also a businessman and the coming slots could make the tracks profitable even if not directly control them. David Cordish and Halsey Minor are also reportedly interested while another bidder said he’d turn the tracks into shopping centers.
Racing needs Pimlico to remain, to legitimize any Triple Crown hopeful by running over the same dirt as 11 predecessors. Otherwise, it’s not the same and racing loses its only marketable event.
Ultimately, the sale will get messy, but the Preakness will remain. Just don’t get too close to the mudslinging over coming months.
Rick Snider has covered local sports since 1978. Read more at TheRickSniderReport.com or e-mail [email protected].
