Maryland votes to legalize slots machines

[phystech]

Originally Posted by Kasept

Contract with MJC has he and his sister locked into a portion of slots revenue for 20 (I believe) years.

Yep, you've got it, Steve - 20 years total with decreasing amounts spread out over the 20. I haven't looked at the deal for a long time but I think the first 10 years he gets 50% of slots profits derived from machines at the track, 30% or 40% the next 5, then a little less the last 5.

If slots are not put at Laurel though, I don't think he gets a dime. In the enabling legislation, 7% is for purses, and 2% to 3% is targetted for the tracks to repair their infrastructure, i.e., the buildings, grounds, etc.

So, a different licensee could be granted the license, put the facility across the street, and Magna would only get the couple % infrastructure money. Joe wouldn't get anything, I don't believe. And the legislators would make Magna run a racetrack and not a slots parlor. Could even set a bigger plate for Minor to come in and buy.