Fool's Gold?

WBAL.com ^ | October 1, 2007 | Frank DeFilippo

[khnyny]

The timing was exquisite, suspiciously so, coming as it did on the day before Gov. Martin O’Malley (D) warmly embraced the expansion of slot machine gambling in Maryland.

It appeared, for all of Maryland to see, as if the oligarchs at Magna Entertainment, a Canadian firm, threw Joseph DeFrancis, a Maryland horseman, under an oncoming bus.

Magna exercised its option, rapidly expiring by November, to buy out the remaining 49 percent interest in the Maryland Jockey Club from DeFrancis and his sister, Karin. Deliberate or not, Magna removed a major impediment to winning slots at racetracks and elsewhere in Maryland, DeFrancis himself.

But don’t weep for Joe and Karin. They received $18 million and change for their 49 percent of MJC. And as a toothsome bonus, they still have a sweetheart deal to share in a large chunk of the profits from slot machines if they materialize at Laurel and/or Pimlico – 65 percent of the profits for the first five years, 50 percent for the next five years and 40 percent for the next 10 years, according to published reports.

By easing DeFrancis out of the local racing industry, Magna may have greased the way to legalizing slots. There was definitely bad karma between House Speaker Michael F. Busch (D-Anne Arundel) and DeFrancis, and many political rubberneckers considered the hostility the main reason why Busch (and the House) had repeatedly blocked slots legislation. Busch’s anger may still linger over DeFrancis’s participation in slots profits for the next 20 years.

[khnyny]

Interesting background on the "slots deal" in Maryland.

[khnyny]

Ping.

[big'ol_freeper]

Maryland sucks. And I can say that having lived in a number of places including Maryland. Dismal state.

[johnny7]

[ANGGAPO]

It will be interesting when O’Mally finds out what comes along with “Slots”. He isn’t old enough to remember the crooks.

[khnyny]

It will be interesting when O’Mally finds out what comes along with “Slots”. He isn’t old enough to remember the crooks.

No, but his Father-in-Law is certainly old enough to "remember". O'Malley is well aware, I'm sure.

[Gator113]

Ok, but what about the crab-cakes??

[djf]

http://video.google.com/videoplay?docid=7460132891324164480&q=parker+gold&total=77&start=0&num=10&so=0&type=search&plindex=3

[Tolerance Sucks Rocks]

Maryland “Freak State” PING!

[incredulous joe]

Lilmarty knows plenty of crooks first-hand.

They’re his partners in the general assembly.

[enots]

You can learn more about O’Malley and his father-in-law, Joseph Curran Jr. and their buddies Mark and Gilbert Sapperstein at www.marylandcorruption.com

[ripley]

and tuh think they wuz a goin’ aftuh them thar eye talian boyz up theyah in new yawk; seems they shudah dun gone a bit further. (those eye talian boyz had the name, but these here fellers play the game....seems just like forever, as if they wuz charmed by the devil hisself.)

[khnyny]

Thanks for the link.:)