Jockey Club hoping slots will boost slumping business

January 7, 2009

If there’s anybody turning to gambling as a way to make a quick buck when times are tight, they aren’t doing it in Maryland.

The Maryland Jockey Club announced Tuesday its 2008 racing season saw total wagering decline 23.7 percent from 2007, dropping from an $875.8 million handle to $668.1 million in 2008.

Wagering figures for the 17-week Laurel Park fall meeting were down 39 percent for the year and its winter meet decreased by 17 percent. Pimlico Race Course’s spring meeting was also down 16 percent.

While the club said the Preakness Stakes in May were a success with 112,222 in attendance and more then $73 million in wagering that day, the 14 fewer racing days played a part in 2008’s wagering decline.

But with the voter approval of slots in Maryland — the Jockey Club is bidding for a license at Laurel to operate 4,750 slot machines there — there is reason for optimism.

“The passage of the slots referendum gives us hope that we will be able to turn the table in the near future,” said Tom Chuckas, Maryland Jockey Club president and chief operating officer. “Our goal is to move forward and grow the business. We want to expand the hospitality, with racing as the key ingredient, and get people interested in coming back to the track.”

Interestingly enough, Philadelphia-area casinos and racetracks are reporting increases in their revenues despite the economy, and it’s largely due to slots.

A psychologist in the article noted that gambling can be dangerous in a poor economy because people may be doing it irresponsibly and to score a quick buck. Do you think it’s irresponsible to move forward with slots when the economy is tanking?

On the other hand, jockeys have to eat too — shouldn’t the racing industry have the right to make money with the resources now available? After all, who knows how many Marylanders are crossing the border and contributing to Philadelphia’s increased revenues?

LIZ FARMER, Business Writer

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Comments

One Response to “Jockey Club hoping slots will boost slumping business”

  1. Anonymous on January 8th, 2009 1:59 pm

    Of course the MJC is hoping for slots. That’s what they’ve been lobbying for (or hired people to lobby for) for years.

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