Profits Downs at Maryland Tracks in 2000
Updated: Sunday, April 15, 2001 8:59 PM
Posted: Friday, April 13, 2001 8:35 AM
In financial statements delivered the week of April 9 to the Maryland Racing Commission, the companies that operate Laurel Park and Pimlico Race Course reported a profit of $670,955 in 2000.
That number is down significantly from 1999, when the companies showed a profit of $2,458,723. The two companies, Laurel Park Racing Association and Pimlico Racing Association, fall under the Maryland Jockey Club, of which Joe De Francis is president and chief executive officer.
When asked about the reasons for last year's decrease in profit, De Francis said: "The short answer is, revenues were flat, and expenses continue to go up."
According to the statements, Pimlico showed a profit of $1,966,858, while Laurel Park lost $1,295,903. Pimlico's bottom line was bolstered by the Preakness Stakes, while Laurel's deficit reflects more accurately the financial state of day-to-day racing in the state.
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