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Cangamble
11-03-2008, 01:20 PM
Is it just speculation on the Maryland vote?

cj
11-03-2008, 01:22 PM
Isn't 2 x 0 still 0?

Cangamble
11-03-2008, 01:29 PM
Did President Obama promised a Magna Entertainment bail out?

takeout
11-03-2008, 04:14 PM
Maybe DeFrancis bought up a bunch. :rolleyes:
He’s got to be licking his chops right about now. For the first five years he gets more money from the slots than Magna. Talk about your golden parachutes! This one had a delayed opening but it’s a doozy. And exactly what is it that he has to do with racing these days? Oh yeah, nothing.

Cangamble
11-04-2008, 10:27 PM
Maryland voters have approved legalizing slot machines. The constitutional amendment allows up to 15,000 slot machines in five locations, with half the proceeds set aside for the state’s public schools.

The sites are in Anne Arundel, Cecil and Worcester counties, the city of Baltimore and on state property in Rocky Gap State Park in western Maryland.

The vote comes after years of stalled legislation in the General Assembly on one of the most divisive issues in Maryland politics.

BillW
11-04-2008, 10:50 PM
The sites are in Anne Arundel, Cecil and Worcester counties, the city of Baltimore and on state property in Rocky Gap State Park in western Maryland.



Is Laurel in Anne Arundel or Prince George's county?

cj
11-04-2008, 11:40 PM
Is Laurel in Anne Arundel or Prince George's county?

I am nearly positive it is in PG county.

BillW
11-04-2008, 11:44 PM
I am nearly positive it is in PG county.

That's what I thought. According to CG's story, it looks like they are left out.

cj
11-04-2008, 11:47 PM
That's what I thought. According to CG's story, it looks like they are left out.

I am actually positive the more I think about it. Definitely PG.

BillW
11-04-2008, 11:50 PM
I am actually positive the more I think about it. Definitely PG.

How close is CT to Rocky Gap State Park? They may get Md. slots too :eek:

cj
11-04-2008, 11:54 PM
Not close at all. It is on the PA border near Cumberland.

cj
11-04-2008, 11:57 PM
Cecil county is near Delaware, and Worcester is the shore (Ocean City)

proximity
11-05-2008, 01:00 AM
I am actually positive the more I think about it. Definitely PG.

cj, i believe the track itself is in anne arundel county.

proximity
11-05-2008, 01:05 AM
also, at one time delaware park was interested in building another track in western md.....

Tampa Russ
11-05-2008, 04:59 AM
cj, i believe the track itself is in anne arundel county.

Correct. The town is in PG, but the track is just across the border in AA county.

Yorker
11-05-2008, 06:57 AM
The track sits physically in Anne Arundel County. The parking lot off of Route 1 is actually in Howard County. I don't think they own any land in PG county.

startngate
11-05-2008, 08:27 AM
Looks like a big win in Maryland ...

http://www.washingtontimes.com/news/2008/nov/05/marylanders-approve-slots-flooding-polls/

cj
11-05-2008, 08:39 AM
cj, i believe the track itself is in anne arundel county.

Thanks, that I did not know. That makes a lot more sense as to why AA was given a place.

BillW
11-05-2008, 08:42 AM
Thanks, that I did not know. That makes a lot more sense as to why AA was given a place.

That's what I was worried about. While I think slots will have a detrimental effect on racing, I know it was Magna's intent to open a casino. I thought this was just another of those "race track management blunders".

Gallop58
11-05-2008, 12:37 PM
My question is where does Magna get the money to invest in casino construction right now given their debt load? Or will they now sell the racetrack with the licence? Wasn't the Gulfstream casino overrun the primary reason for their financial pains? Will be interesting to see how it shakes out. Magnas big lender has their 3rd quarter conference call on the 7th. That should be interesting...

bigchump
11-05-2008, 01:03 PM
I am short @$4.12 on Magna and I think this is a good time to short.
I've been in and out of MECA more times than I can remember.
Think what you will about Magna but their stock is one of the best to yo-yo.
Speaking of "yo", I wish I had picked Yo Karakorum today.

bigchump
11-07-2008, 01:18 PM
Covered @1.75.
Time to buy again @1.50.
My buy order is already in the book.
Based on Magna's holdings this stock has to be worth $5.

point given
11-07-2008, 04:42 PM
Magna to sell / partner their core track(s) .

http://www.exchangemagazine.com/morningpos
t/2008/week45/Thursday/1106023.htm

Frank Stronach, MEC's Chairman and Chief Executive Officer, commented: "Although MEC has a strong asset base, we remain burdened with far too much debt and interest expense. Our previously announced debt elimination plan has been negatively affected by the weak real estate and credit markets, which have impacted our ability to sell non-core assets. As a result, we are evaluating MEC's core operations with a view to possibly selling or joint venturing one or more of MEC's core racetracks in order to strengthen MEC's balance sheet and liquidity position. Working with Miller Buckfire, we intend to develop and execute a plan to sell or joint venture certain core assets and enhance MEC's capital structure. Despite very difficult economic conditions in the U.S., our EBITDA loss modestly improved in the third quarter of 2008 compared to the same period last year due to improved results at Gulfstream Park and XpressBet(R). Although the weak economy will continue to present challenges in the near-term, we are very conscious of the fact that we must significantly improve our operating results."

garyoz
11-07-2008, 05:08 PM
I am short @$4.12 on Magna and I think this is a good time to short.
I've been in and out of MECA more times than I can remember.
Think what you will about Magna but their stock is one of the best to yo-yo.
Speaking of "yo", I wish I had picked Yo Karakorum today.

Thought you couldn't short stocks below $5, or is that a broker or exchange rule?

bigchump
11-08-2008, 01:10 PM
Thought you couldn't short stocks below $5, or is that a broker or exchange rule?
Hi Gary!
I am currently short on FRE @$1.12
AFAIK some brokers require a large margin account to short below $5.
Others require $2.50 equity for each share shorted under $5.
Shorting and covering the same day is considered a day trade.
You need 25K in equity or an offshore account to get around day trading rules.
PM me if you'd like to transfer to a "horseplayer friendly" brokerage.