I thought DeFrancis was out at MJC?

:rolleyes:

Contract with MJC has he and his sister locked into a portion of slots revenue for 20 (I believe) years.

I thought I also read that he said he'd give up a portion of the slots revenue in order to get the slots at Laurel. I could have misread that though.

Yep, you've got it, Steve - 20 years total with decreasing amounts spread out over the 20. I haven't looked at the deal for a long time but I think the first 10 years he gets 50% of slots profits derived from machines at the track, 30% or 40% the next 5, then a little less the last 5.

If slots are not put at Laurel though, I don't think he gets a dime. In the enabling legislation, 7% is for purses, and 2% to 3% is targetted for the tracks to repair their infrastructure, i.e., the buildings, grounds, etc.

So, a different licensee could be granted the license, put the facility across the street, and Magna would only get the couple % infrastructure money. Joe wouldn't get anything, I don't believe. And the legislators would make Magna run a racetrack and not a slots parlor. Could even set a bigger plate for Minor to come in and buy.

slots and cards at the tri-state greyhounds in cross lanes (aka charleston), wv.

awesome, md gets slots, 10 years too late while the country is going through a new president and a recession, perfect timing

where is paris glendenning when you need him?

-bt-