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As you have undoubtedly
read or heard on the news, the Senate
and House continue to debate the introduction
of slots in Maryland. It is important
to note that as much as we would love
to see the government agree on slots,
our Partnerships are not dependent on
this occurring. Maryland is surrounded
by States that offer slots and competitive
thoroughbred horse racing. And while we
do not intend to use this forum to express
political views, it is a bit ironic if
not hypocritical to allow advertising
for slots in Delaware and West Virginia
along I-95 in downtown Baltimore. According
to some politicians, Baltimore is a city
that does not want to be associated with
slots.
It is important for
citizens of Maryland to understand that
thoroughbred horse racing is not only
a sport, it is an extensive industry that
provides many benefits to both individuals
and the government.
• $5.2 billion
equine related assets
• 28,800 thoroughbreds
• 8,400 horses sold at and average
of $14,196 per sale
• 38,000 people involved in equine
industry
Property, sales and
employment taxes result in substantial
revenue to the government. In addition,
the government receives proceeds from
all wagering. If horsemen are required
to take their business to surrounding
States due to declining opportunities
in Maryland, this has a major impact on
the economy.
Without slots, Maryland
cannot offer competitive thoroughbred
horse racing at all levels. For example
(as of January 2007), a purse for a $10,000
claiming race in Maryland is $18,000 while
a purse for the same race at Charles Town
is $24,000. If a thoroughbred is running
at the $10,000 claiming level (which is
not a level we typically target), the
Manager will obviously choose to run at
Charles Town. However, Maryland offers
competitive purses for higher claiming
levels, Allowance and Stakes races and
provides good opportunities for horses
running at these levels.
2006 was another frustrating year that
resulted in no positive movement on the
slots debate. We can only hope things
improve this year after the political
hurdle of having a Republican Governor
in a heavily Democratic State was removed
during the 2006 vote. Politicians need
to put their personal agendas aside and
realize Maryland continues to lose jobs,
tax revenue and business revenue to surrounding
States.
For more information
on the census results, please select the
following links:
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