Pimlico, Laurel race tracks lose $20 million in 2010

April 01, 2011|By Jamie Smith Hopkins, The Baltimore Sun

Pimlico Race Course and Laurel Park lost a combined $20 million last year, according to new figures from the Maryland Jockey Club.

Most of that loss came in the first four months of the year. State regulators Friday released unaudited results for that period, following a late Thursday release of audited financial information for May through December that showed a loss of just under $7 million for the two thoroughbred racing tracks.

The tracks lost more than $14 million in 2009 and nearly $12 million in 2008, according to unaudited financial statements.

Maryland Jockey Club President Tom Chuckas said Friday that a $5 million settlement payment negotiated during bankruptcy proceedings for its then-owner last year helped escalate the losses. He projected that the tracks would about break even this year if the state provides $3.6 million in aid.



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