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Originally Posted by phystech
A very interesting Letter To The Editor written to the Baltimore Sun:
http://www.baltimoresun.com/news/opi...pinion-letters
You'll need to page down to the bottom - entitled "Slots shift dollars to racetrack owners".
Written by a former CFO of the Maryland Jockey Club and acting CFO of Magna.
There's got to be some rumblings about a special legislative session being called in Md to address the slots issue via the state's structural deficit that has caused this recent Balt Sun story. Makes me think it's becoming more likely that one will be called by the end of the summer.
But even if one is called, slots are far from a done deal. If you are interested in reading some input/discussion on them from the Balt Sun's talk forum, go here:
http://www.baltimoresun2.com/talk/sh...d.php?t=105867
Growing sentiment is why should a dying industry be propped up by slots just so a foreign company can be given a financial handout by the taxpayers of the state. I've argued for slots for a long time but it is getting increasingly hard, if not impossible, to support Magna and DeFrancis being handed a huge windfall. |
I guess Franks severance package was a little short. I love when they break out the old "it going to cost the taxpayers money" reverse-psychology. If the license it "worth" $1 dollar and they sell it for .50 then the naysayers say they lost .50 instead of saying that they gained .50 which is the real world truth. Imagine if Michigan offered huge tax incentives to foreign automakers to move there? There would be outrage! But when gambling is concerned, the tracks and their long years of creating jobs and providing tax revenue to the state are forgotten.
Someone is going to make a windfall off of the project. Like them or not, Magna has made a big investment in Maryland racing. And frighteningly enough, they are probably the only hope MD has.