Tim Rice, managing partner at Louisiana investment firm Rice Voelker LLC, who follows the racing industry, said Laurel Park is also at a competitive disadvantage.
"With Maryland competing with Delaware, West Virginia and Pennsylvania for horses, Maryland is the only one without alternative gaming," said Rice, who also tracks Magna. "They're attempting to swim upstream, and the deck is stacked pretty much against them."
The financial struggles of Maryland tracks are contributing to deepening concerns about Magna's ability to stay in business. Magna lost $114 million last year and $87.4 million in 2006.
Such questions prompted the racing commission to ask Magna officials to detail its finances at a meeting last month. Scott P. Borgemenke, Magna's executive vice president for racing, reaffirmed the company's commitment to Maryland's thoroughbred racing in an interview at that time.
Still, Magna has not committed to the pro-slots campaign led by former Maryland Budget Secretary Frederick W. Puddester as foes ready to fight the measure. The company views the slots referendum as less than ideal because a license at Laurel would not be guaranteed.
Borgemenke could not be reached for comment yesterday.
hanah.cho@baltsun.com
Sun reporter Glenn Graham contributed to this article.
