Audit: Three Maryland racetracks delinquent on financial reports -- Gazette.Net







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Three of the state’s five horse racing tracks have failed to file financial reports, as required by state law, to the Maryland Racing Commission, according to a new legislative audit released Tuesday.

The report by the Office of Legislative Audits found no sign of deficiencies in distributing wagering revenues, including taxes, to the state and payouts to trainers and breeders.

However, the state report said the owners of Laurel Park and Pimlico Race Course had not turned in financial audits to the Maryland Racing Commission, as required by state law, for fiscal years covering Jan. 1, 2009, to Dec. 31, 2010. A previous legislative audit found that the two tracks had not turned in financial audits for 2008.

The other track, Rosecroft, had not turned in a financial audit for the past two years.

Calls to Rosecroft and the parent company of Laurel and Pimlico, The Stronach Group, were not returned before deadline.

The report noted that Pimlico and Laurel had been in bankruptcy proceedings, and their financial reports were not audited by the previous owners.

Maryland Racing Commission Executive Director J. Michael Hopkins could not be reached for comment.

In his reply to the Office of Legislative Audits, Hopkins said the commission will work with the track licensees to ensure the annual financial audits are completed as required for fiscal 2011. The legislative audit review covered the period from July 1, 2008, to June 30, 2011.

Thomas J. Barnickel III, acting legislative auditor for the Office of Legislative Audits, said no apparent penalties would be imposed by the state for failure to comply with the law requiring the financial reports from the tracks.