By Liz Farmer
Daily Record Business Writer
Penn National Gaming’s new stake in the Maryland racing scene could be a saving grace for the sport that’s been on the decline in this state for the last decade — but the deal’s impact will depend on whether the company can bring slots to Laurel Park.
“They’re a very financially stable company and they have a history in racing,” said Maryland Jockey Club President Tom Chuckas. “I think the future for racing looks better than it has in a long, long time.”
After more than a year of operating in bankruptcy, Magna Entertainment Corp. transferred the jockey club (which operates Laurel and Pimlico Race Course) to Ontario-based MI Developments Inc., its parent company. On Friday, MID announced a deal in which Penn National, known in the industry as one of the pioneers of race track casinos, would acquire an interest in the jockey club.