Due to financial problems, the Pimlico Race Course decided to shut down its off-track betting facility. This radical measure will take place on June 30, as Maryland Jockey Club, the owner of the Pimlico and Laurel Park tracks, notified the employees.
Providing the resources for the employees:
The date of shutting the facility down coincides with the expiration of the key agreement for racing operations in the state.
Mike Rogers, the acting president of the Jockey Club, said that the decision was tough. He wrote in an email to the employees: “The Pimlico OTB has been a valuable part of our organization for many years, providing a convenient location for our customers to enjoy thoroughbred racing. Understandably, this news may come as a disappointment to many of you.”
In the following period, the company will focus on providing resources and assistance to the employees affected by this shutting down.
The Maryland Racing Commission wasn’t notified about the recent events. However, the next meeting of the Commission is scheduled for June 6, and this will be one of the main points of discussion at the meeting.
The suspension that the racing industry in Maryland is going through hard times already existed even before the shutdown. This course of events was the additional step to confirm the doubts.
Pimlico once was a popular site among gamblers, which showcases the annual report for 2021 published by the Racing Commission. Only in that year the wagers were worth more than $11.3 million. According to the report, the track was open on 199 days a year, and there were 59 live racing days as well.
The unsuccessful attempt to reduce the expenses:
So, what will the shutdown mean for the bettors who visited the track? The possible solution is to transfer the money and bettors to the Timonium Race Course and Horseshoe Baltimore.
June 30 is the date when the 10-year deal between the Maryland Jockey Club, Maryland Thoroughbred Horsemen’s Association, the Maryland Horse Breeders Association, and Laurel Park and Pimlico ended after the six months extension that took place on December 31 last year.
The racing calendar for Pimlico is available until June 30. In the last days of the famous track, the players will be able to enjoy the live racing events until June 4. The simulcasting is scheduled until June 30.
The Maryland Jockey Club tried to reduce the expenses with a recent proposal to the horsemen and breeders, trying to reduce its share of the prize money from races. The recently established Maryland Thoroughbred Operating Authority will be the mediator between the Club and horsemen and breeders.
Through the Purse Dedication Account, they are getting 6% of the state revenue earned from video lottery terminals if the amount is less than $100 million. The budget for the next fiscal year, which begins a day after the shutdown, is set for $81.8 million for both tracks: thoroughbred, which will receive 80% of the amount, and standardbred, which will receive 20%.
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