The state of Maryland took a while longer to get into the casino gambling industry in the Northeast, but now that they have, everybody wants in on the
Angelos has bid for the second time in the Rosecroft Raceway in Fort Washington. Angelos was set to buy the race track back in 2005, but instead opted to forfeit the $500,000 he had paid to purchase the track and backed out. At the time, it was thought that Angelos backed out because he did not feel slot expansion was imminent.
The times have changed in the state, however, over the past five years. Casino gambling has been authorized and approved by lawmakers, and two casinos have already opened their doors to customers. The issue of slots at state race tracks is one that is being pushed, and Angelos has strong lobbying power within the Maryland government.
It will be tricky for Angelos to complete the purchase. Major League Baseball prohibits their owners from having a stake in a gambling operation. There is speculation that Angelos may want to turn the raceway into a thoroughbred track. The Orioles owner also owns several horses.
Ocean Downs near Ocean City became the only harness track in the state when Rosecroft closed their doors. Ocean Downs became the second facility to open a casino in the state on Tuesday, and Angelos may be banking that he can gain a casino license for Rosecroft if he revives its racing. Angelos would pay $9 million in cash, and would owe another $5 million if slots were operational at the track before December 1st, 2012.
It is highly improbable that the track would have the slots running before that date. Voters could not even approve the slots until the 2012 election, and that would leave less than one month to install the slots and receive all the necessary permits and approval by state gaming regulators.
January 6, 2011
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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