In an effort to create interest in Maryland's horse racing industry, Frank Stronach, chairman of Maryland Jockey Club's parent company, MI Developments Inc., has proposed a new betting opportunity that could compete with the Maryland Lottery if allowed to go forward.
Stronach has proposed the "Quad Superfecta," a $1 ticket that would allow bettors to pick the finish of four horses in each of four designated races on Saturday afternoons and pay a guaranteed $10million to the winning ticket holder.
The Maryland Racing Commission, at its regular monthly meeting at Laurel Park on Tuesday, continued action on the proposal until its next meeting, Nov.23, giving officials time to work out the details, including what to do about late scratches in the chosen races and payouts for those with fewer than 16 matching numbers.
"The man is coming up with an idea to help the racing industry," commissioner Ernest Grecco said. "I see no reason why we shouldn't let him try."
The commission also heard from Maryland Jockey Club president and chief operating officer Tom Chuckas, who gave an update on the MJC's operating plan for 2011. The plan had been given a 60-day extension during a telephone poll of commission members before Tuesday's meeting.
"It's just the economic reality that if we are unsuccessful in our efforts to defeat Question A [the bill that would allow slots at Arundel Mills], the Bowie Training Center will close, Laurel Park will close and what will be left is a 40-day meet wrapped around the Preakness at Pimlico," Chuckas said. "We are in serious trouble."
Maryland has 126 days of live racing at Laurel Park and 20 at Pimlico. The state also has seven days of racing at Timonium Fair Grounds.
Chuckas said all work had stopped on next year's proposal pending the outcome of the Question A vote Nov. 2.
"If the referendum passes, you'll have the submission before the next commission meeting," Chuckas said.
Commissioner John McDaniel said the commission needs time to review the MJC proposal, noting it isn't simply a matter of approving it.
"I don't want to be in position where we have to make a decision without due diligence to make sure we explore all possible alternatives before granting the 2011 operating license," McDaniel said.