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Maryland Racetrack Deal Collapses

MARYLAND – As reported by the Baltimore Sun: "Orioles owner Peter G. Angelos' family pulled out of a deal yesterday to buy the Rosecroft Raceway - a surprise move that track officials cast as a vote of no-confidence in the prospects for legislation allowing slot machine gambling at racetracks.

"The deal's last-minute collapse is a blow to the Prince George's County harness racing track, which has seen two other attempted purchases fall through in the past two years.

"It also represents a retreat by Angelos, one of the state's most influential figures, from the role he had been expected to play as a heavy lobbying presence in the push for legalized slots, Gov. Robert L. Ehrlich Jr.'s signature legislative initiative.

"Rosecroft CEO Thomas Chuckas Jr. said track officials were waiting at the settlement table yesterday morning when an attorney for the Angelos family arrived to say the family wanted a penalty-free extension of up to 60 days, which would expire just after the end of this year's legislative session.

"…The Angelos family, which had purchased a $7.2 million mortgage on the Fort Washington track in a preliminary stage of the deal, will lose a $500,000 deposit. They continue to hold that mortgage.."

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