Recently, according to this article in the NY Times, the Maryland Legislature has passed legislation to take over the local Pilmilco Racetrack, home of the Preakness, in a effort to save the long standing tradition for the state.
clipped from www.nytimes.com
BALTIMORE — With just a month to go before the Preakness Stakes at Pimlico Race Course here, the bankruptcy of the company that owns the track and the race has unleashed a wave of distress among politicians and the public over whether Maryland could lose its cherished second leg of the Triple Crown.
Gov. Martin O’Malley, with the backing of legislative leaders and the state attorney general, proposed the legislation last week in an effort to ensure that Pimlico, the Preakness and the economic activity they generate remain in Maryland.
“The centuries-old heritage of horse racing and horse breeding is woven deeply into the cultural fabric of Maryland,” Mr. O’Malley, a Democrat, said in a statement Monday, “and we will take advantage of every available tool to ensure it remains.”
The company that owns the racetrack and the rights to the Preakness, Magna Entertainment Corporation, declared bankruptcy recently leading to fears that the track could be bought by another company and developed forcing the Preakness to move away from Baltimore. This would be a huge blow to the local economy that brings in millions from the tourism and business form the Preakness weekend.
I have never been a huge fan of the Eminent Domain laws but I will say in this case it does not seem like such a bad deal. The state is doing it to preserve a tradition for the state and help out the local businesses. It is not to tear down and let a highway be built.
So this is a good case, but how about a bad case ? This tidbit of news popped up recently, although I cant find it on a major news outlet yet, but according to this post
That sounds pretty scary if you ask me. If anyone has any news as to the validity of this we would love to hear from you.
