Maryland Profits Down in 2000
Updated: Friday, April 13, 2001 8:38 AM
Posted: Friday, April 13, 2001 8:23 AM
In financial statements delivered this week to the Maryland Racing
Commission, the owners of Pimlico and Laurel Park reported a profit of
$670,955 in 2000. That is down significantly from 1999, when the companies showed a profit of $2,458,723. Pimlico Racing Association owns Pimlico, and Laurel Racing Association owns Laurel Park.
Joe De Francis is president and CEO of both companies. Asked the
reason for last year's lackluster performance, De Francis said: "The short answer is, revenues were flat, and expenses continue to go up."
According to the statements, Pimlico showed a 2000 profit of
$1,966,858, while Laurel Park lost $1,295,903. Pimlico's bottom line was
bolstered by the Preakness, while Laurel's deficit reflects more accurately the financial state of day-to-day racing in the state.
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