OPENING a third thoroughbred racetrack in Maryland would be a losing proposition. Anyone making such an investment would be doing so for reasons other than turning a profit.

That's the judgment of experts in the field who view Gov. Parris N. Glendening's proposal to authorize additional thoroughbred tracks as a none-too-subtle attempt to punish Joseph A. De Francis, owner of the Laurel and Pimlico tracks -- who gave strong support to Mr. Glendening's foes in last year's elections.

Horse racing is an industry tottering on the edge. The governor's attempt to add racetracks could do irreparable harm to existing Maryland tracks. If two tracks can't make a continuing profit from racing, what good is it to contemplate a third competitor?

New racetracks in this country generally have been money losers. Take the case of Colonial Downs, which opened in 1997 between Richmond and Williamsburg, Va. It cost $70 million to build, lost $6 million last year, barely avoided bankruptcy and faces a financially bleak future.

How would a new racetrack in isolated Cumberland, for example, avoid red ink as well? Or would that site -- or a track somewhere in the Baltimore region -- simply be a foot in the door for slot machines at Maryland tracks?

The governor's push to add tracks also endangers Maryland's most famous sporting event, the Preakness Stakes. Mr. Glendening's proposal may have already set events in motion that could lead to the sale of this race to the highest bidder.

The governor should reassess his hostile stance toward racing. The industry needs a constructive partnership with Annapolis. It needs help to raise purses so Maryland tracks can compete with nearby tracks that have slot machines.

The Maryland Racing Commission is prodding Mr. De Francis to improve his off-track betting facilities. It should do more to press for improvements at his thoroughbred tracks, too. That would help strengthen the industry. Creating a third racing license would have the opposite effect.

Pub Date: 3/11/99