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Preakness Track Faces Bankruptcy Fight Over Slots Gambling
BALTIMORE, MARYLAND --
Sad days have come to horse racing across the US, and the iconic track at Pimlico Race Course is no exception. Pimlico and its most heralded race, the Preakness, are embroiled in bankruptcy court, and all anyone seems to care about is who will control the slots gambling attached to the track.
Magna Entertainment, the owner of Pimlico, has declared bankruptcy, and Pimlico, along with control of the Preakness, are up for auction. Buyers are gathering in anticipation of the installation of slots under new ownership, but previous track owners are claiming the gaming rights revert to them.
Joseph DeFrancis leads a group of former owners who sold the track to Magna in 2002. They claim they have at least co-ownership of any gambling rights involving slots at the historic track.
“These are potentially extremely valuable rights,” said Benjamin Feder, an attorney for the ex-owners. Feder even said the potential to place slots at the track may be "the most valuable assets” included in the Pimlico case.
But no license has yet been issued by Maryland for the track, and Magna lawyers are asking if the suit involves property that doesn't exist. They contend any future earnings at the track are part of the assets being auctioned, and should be included in the price.
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