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Borgemenke says Magna not yet committed to slots referendum

Posted: Tuesday, March 18, 2008 10:09 PM

by John Scheinman

Magna Entertainment Corp. Executive Vice President of Racing Scott Borgemenke on Monday said the company has not yet committed to backing a slot-machine referendum that will go before Maryland voters in November.
 
The referendum, if passed, earmarks 33% of revenue to slot-machine operators and approximately $90-million a year to purses, while also supporting the Maryland-bred fund.
 
Magna, however, has not yet said it will advocate passage of the referendum or even bid for a slots license if it does pass. Chairman Frank Stronach and other company officials remain unhappy that Laurel Park was not automatically named a site licensee when the state legislature approved the referendum in a special session last November.
 
“The slot proposal as passed allows for something within 60 square miles,” said Borgemenke, who was hired by Magna on January 28. “Do we want something more site-specific? Sure, but that’s not going to happen,”
 
Although the Maryland Thoroughbred Horsemen’s Association and, recently, the Maryland State Teachers Association have vowed to fight to help pass the referendum, Borgemenke said Magna would like to see a more unified front going forward.
 
“No one has really given us a business plan yet, what it’s going to cost to win the campaign,” Borgemenke said. “Somebody needs to put together a plan and a timeline of how and when it will be put into affect. I think we’re in good shape to bid [on a slots license], but we’d like some support.”
 
Borgemenke made his comments after a closed session before the Maryland Racing Commission at Laurel Park, where he and former CEO Tom Hodgson, now a consultant for the company, detailed Magna’s finances and business strategy.
 
“Do I think we are leaning toward being supportive? Yes, I do,” Borgemenke said. “I would be less that honest with you if I said we are on board.”
 
Borgemenke hinted that Magna could make a major announcement in May, when Maryland becomes the focus on horse racing for the Preakness Stakes (G1). He said nothing has been decided, however, and did not wave away the possibility Laurel Park might be sold.
 
“It’s not something we’re committed to now,” he said of selling the track, “but I’ve heard that.”

John Scheinman is a Maryland-based Thoroughbred Times correspondent

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