West Virginia: What Experience Shows

Study finds racino projects create low-paying jobs

As a slots license selection commission evaluates bids for gambling licenses in Maryland, a new study has found that facilities that provide both racing and casino activities create low-paying jobs that depress salaries in surrounding areas.

The study by Ball State University examined West Virginia's so-called racinos – horse or dog racing facilities with casino games – during a 26-year period and found that counties with such gambling operations saw a one-time employment gain of 1.1 percent, while the average salary in the area fell by as much as 2.9 percent because of a large number of low-paying jobs.

The Beat Goes On: Another Bankruptcy

AP reported --


WILMINGTON, Del. — A Delaware bankruptcy judge on Tuesday approved the sale of two of Magna Entertainment Corp.'s horse racing tracks — Thistledown in Ohio and Remington Park in Oklahoma City — for a combined total of almost $170 million.

Judge Mary Walrath approved ....[a] bid of $89.5 million for the Thistledown track near Cleveland from Harrah's Operating Co., a wholly owned subsidiary of Nevada-based casino giant Harrah's Entertainment Inc.

Harrah's offered $42 million in cash at closing and contingent payments of $47.5 million.
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(Is this what a license is worth on the open market for a race track?)

The contingent payments hinge upon successful resolution of various legal challenges to Ohio's plan to install slot machines at the state's seven horse tracks.

Walrath approved the sale of Remington Park for $80.25 million to Global Gaming Solutions RP LLC, a subsidiary of the Chickasaw Nation that plans to continue casino and racing operations at the track.

Its [Magna's] holdings also include Gulfstream Park in Florida, Lone Star Park in Grand Prairie, Texas, and Baltimore's Pimlico racetrack — host of the Preakness Stakes, the second leg of the Triple Crown.