takeout
02-09-2009, 07:14 PM
I had been wondering what the story was on this. Looks like nothing has changed. Got to be a BIG bump in the road for possible slots at LrL.
http://www.baltimoresun.com/sports/horseracing/bal-md.slots08feb08,0,1693879.story
[snip]
That wasn't the only detail left to the last moment.
According to people familiar with the situation, Magna continued to negotiate to the 11th hour with DeFrancis, a contentious figure in Annapolis who secured a hefty cut of any eventual proceeds when he sold his stake in the Maryland Jockey Club, owner of Pimlico and Laurel.
[snip]
Maryland's slots legislation imposes one of the highest tax rates in the country. So if Magna could not renegotiate DeFrancis' share of slots proceeds, the company would be left with a slim profit margin - if any. "It's common knowledge that that agreement needed to be reworked; it was a significant impediment," Foreman said, adding that Magna Chairman Frank "Stronach wasn't going to do a deal that made DeFrancis a rich man and left nothing for him."
DeFrancis did not return phone calls last week.
[snip]
http://www.baltimoresun.com/sports/horseracing/bal-md.slots08feb08,0,1693879.story
[snip]
That wasn't the only detail left to the last moment.
According to people familiar with the situation, Magna continued to negotiate to the 11th hour with DeFrancis, a contentious figure in Annapolis who secured a hefty cut of any eventual proceeds when he sold his stake in the Maryland Jockey Club, owner of Pimlico and Laurel.
[snip]
Maryland's slots legislation imposes one of the highest tax rates in the country. So if Magna could not renegotiate DeFrancis' share of slots proceeds, the company would be left with a slim profit margin - if any. "It's common knowledge that that agreement needed to be reworked; it was a significant impediment," Foreman said, adding that Magna Chairman Frank "Stronach wasn't going to do a deal that made DeFrancis a rich man and left nothing for him."
DeFrancis did not return phone calls last week.
[snip]