By Liz Farmer
Daily Record Business Writer
The Maryland Racing Commission Thursday approved the transfer of Laurel and Pimlico race tracks to MI Developments Inc., whose CEO committed to bringing the businesses to a break-even status within two years.
The approval was issued three days after a bankruptcy judge gave approval of Ontario-based Magna Entertainment Corp.’s reorganization plan that includes the transfer of five of its tracks and other assets to MID, its parent company, in exchange for the payment of debts and settlements.
CEO Dennis Mills said after the commission meeting, which was held at the Pimlico Race Course clubhouse and overlooked preparations being made for the 135th Preakness Stakes, he hoped to bring the properties to financial solvency quickly.
“Two years is the max, but we want to get [them] to break-even within months,” he said.