takeout
09-14-2005, 08:20 AM
http://thoroughbredtimes.com/todaysnews/newsview.asp?recno=57482&subsec=1
[snip]
De Francis sharply denied an accusation by former Maryland Racing Commission Chairman Jack Mosner that Magna was "down streaming overhead from the head company" to Maryland.
"That is absolutely and totally wrong," De Francis said. "Magna has invested over $38-million in Maryland since their acquisition of majority interest [in Laurel Park and Pimlico] in November 2002. Magna is not going to use Maryland money to fund losses generated in California, Florida, or any other jurisdiction."
In a withering breakdown of Magna finances and decisions that brought a large ovation from the crowd in Laurel Park’s Ruffian Room, Mosner questioned some of Magna’s investments in Maryland, including $24-million for the construction of huge, new dirt and turf courses and the installment of the Horse Wizard room at Laurel, which attracts very few fans.
"For $38-million, you could have repaved I-95 to Aberdeen," Mosner said. "And I don’t see anyone in there at Horse Wizards. I think it’s a great place to go for repose. I think [Magna is] suffering from a case of financial indigestion."
[snip]
[snip]
De Francis sharply denied an accusation by former Maryland Racing Commission Chairman Jack Mosner that Magna was "down streaming overhead from the head company" to Maryland.
"That is absolutely and totally wrong," De Francis said. "Magna has invested over $38-million in Maryland since their acquisition of majority interest [in Laurel Park and Pimlico] in November 2002. Magna is not going to use Maryland money to fund losses generated in California, Florida, or any other jurisdiction."
In a withering breakdown of Magna finances and decisions that brought a large ovation from the crowd in Laurel Park’s Ruffian Room, Mosner questioned some of Magna’s investments in Maryland, including $24-million for the construction of huge, new dirt and turf courses and the installment of the Horse Wizard room at Laurel, which attracts very few fans.
"For $38-million, you could have repaved I-95 to Aberdeen," Mosner said. "And I don’t see anyone in there at Horse Wizards. I think it’s a great place to go for repose. I think [Magna is] suffering from a case of financial indigestion."
[snip]