Recently the Cordish firm, best known for urban entertainment developments such as Baltimore's Power Plant Live!, has ventured beyond that core business to pursue gambling operations.
The Cordish firm has developed two Hard Rock Hotel and Casino complexes in Florida; recently opened Indiana Live!, the first casino developed and operated by the firm; and has bid to buy the bankrupt Tropicana Casino and Resort in Atlantic City, N.J.
Angelos, an owner of thoroughbred horses for decades, is prohibited from having a direct ownership stake in a gambling enterprise under Major League Baseball rules.
Calls to Angelos and his son, Louis Angelos, were not returned Wednesday.
Under bankruptcy protection, for which it filed March 5, Magna has asked a federal judge for permission to auction Laurel, Pimlico and other tracks, including Santa Anita Park in Southern California. A hearing is scheduled for Friday.
Attorneys for Maryland have asked the court to affirm the state's claim to the Preakness. Maryland law gives the state the right to match any accepted bid to buy the racing event, which is scheduled for May 16, but bankruptcy courts can disregard state laws if they feel the laws are not in creditors' interests.
Heritage Racing was incorporated the same day it filed to become an interested party in Magna's bankruptcy case. Cordish Cos. is also seeking to become an interested party.
Heritage was formed to "purchase, acquire, buy, own, hold, develop, lease, manage and otherwise operate ... Pimlico Race Course, together with the racing event known as the Preakness, to maintain the Preakness as a premier racing event in the State of Maryland," according to articles of organization filed with the state.
Council to hear public input on slots near Arundel Mills. PG 3
