Tracks' profits for 2000 show steep decline

Horse Racing

April 13, 2001|By Tom Keyser | Tom Keyser,SUN STAFF

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; Laurel Park lost $1,295,903. Pimlico's bottom line was bolstered by the Preakness.

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