WEST GROVE, Pa., Dec. 18 /PRNewswire/ -- Blow Horn Equity, LLC ("Blow Horn") today announced that it has submitted a fully funded proposal to acquire the Maryland Jockey Club ("MJC") assets from Magna Entertainment Corporation.
"We believe our proposal to be superior to any others because we are horseracing people, not limited to being developers or casino operators. We are optimistic, well funded and innovative. We have successful large business management experience and are assembling additional proven top management for racing and casinos. We focus on the race horses, on quality facilities and a quality entertainment experience, and intend to make substantial investment in the tracks and their surrounding communities. We offer a unique delivery of advanced management tools and marketing technologies from proven racehorse industry innovators, which will not only increase attendance at tracks and increase State revenues, but create horseracing and entertainment destinations of which Maryland will be proud," said Jeff Seder, Founder and CEO of Blow Horn.
Blow Horn is committed to bringing VLT's to Laurel Park as it is the premier location for a "Top Flight Entertainment" venue in Maryland, located in the busy Baltimore-Washington Corridor. Blow Horn will invest over $500 million in the casino and racetracks if it is awarded, as the new owner, the VLT license and zoning for Laurel Park.
Change will come swiftly. Within 6 months, Blow Horn will open a temporary facility at Laurel Park with 2,375 VLT's. Blow Horn estimates that it will generate approximately $350 million for the State of Maryland, the horse purses and breeding program:
- Year 1 -- $100 million; and
- Year 2 -- $250 million.
from this temporary casino facility in its first two years of ownership of the tracks.
Blow Horn's permanent "World Class" Casino is scheduled to open at the beginning of Year 3 which will generate over $500 million per annum for the State of Maryland, the horse purses and the horse breeding programs.
"The VLT Legislation was passed to save Thoroughbred Horse Racing in Maryland, and to restore it to the major league status that it previously rightfully enjoyed. We propose to create technically and strategically innovative and integrated entertainment venue(s) with world-class racing, entertainment and superior dining experiences," said Mr. Seder.
The economic impact of the Horse Industry to Maryland is substantial. Total value of equine assets in Maryland is $5.2 Billion*. The annual economic impact on the State is $1.6 Billion*. The horse industry has created 14,000 jobs in the State*.
The economic value of the Horse Industry to Anne Arundel County is also substantial. There are 1,330 equine facilities in the County*. 15,600 acres of Anne Arundel County agricultural land used to support the horse industry and 2,320 people in Anne Arundel County own horses*.
Laurel Park is clearly the premier location for a casino in Maryland. The recent report "Which Slots Location Will Cost Less to Police"* stated that crime is five times greater at Arundel Mills (2006-2009 total police calls of 14,562) than at Laurel Park (2006-2009: total police calls of 2,994).
Laurel Park needs to be awarded the VLT's in order to support and expand horseracing in Maryland. "We absolutely believe that Slots at a shopping mall location would siphon off support from the historic horse racing industry in Maryland, destroying thousands of jobs and jeopardizing thousands of acres of open space, which was not the intent of the Slots legislation. The new owners of Laurel Park should be given the right to submit an application for a VLT license to build a "World Class" destination entertainment and casino venue," said Mr. Seder.
Thoroughbred Horse Racing in Maryland
Maryland is a state with a long and proud history of horse racing, and boasts an extensive complement of trained professionals in so many related fields that make up a massive horse racing infrastructure, e.g., grooms, hot-walkers, jockeys, pari-mutual operators, trainers, farm managers, veterinarians, blacksmiths, tack shops, tractor and farm supplies and feed sales, parking lot attendants, security guards, etc.
"Our proposal will help save thousands of jobs as well as preserve over 200,000 acres of open space related directly to horses and horse racing from future development," said Mr. Seder.
Community Benefits Program
The Blow Horn Proposal will also feature a Community Benefits Program. As part of that program Blow Horn will implement a local resident focused workforce development initiative and will work with the community to develop housing, and economic development initiatives.
About Blow Horn Equity, LLC
Blow Horn is a Delaware Corporation formed to bid on and secure the rights to operate the Thoroughbred racetracks and casino in Maryland. It is an affiliate of EQB, Inc., a racehorse consulting and bloodstock agency (www.eqb.com). It is supported by private equity funding.
*Source: Maryland Horse Breeders Association
SOURCE Blow Horn Equity, LLC