Nearly $5 million has been wagered at Rosecroft Raceway since the once-bankrupt racetrack reopened in August, exceeding the expectations of the track’s new owners. Penn National Gaming has brought in nearly $1 million in revenue from the $4.7 million in wagers in the racetrack’s first 88 days of operation, according to the Maryland Racing Commission, but officials for the company say Rosecroft has and will continue to operate at a loss without the benefit of slot machines and other casino-style games.
An additional $205,073 was wagered over the first 10 days of live races, which returned to Rosecroft on Oct. 21 for the first time in three years, the commission reported.
The amount of wagers that have been placed is greater than what officials had expected in the first few months of operation — Penn National’s business plan for the racetrack estimated about $20,000 a day in wagers, according to Michael Hopkins, executive director of the Maryland Racing Commission.
Rosecroft has averaged $53,201 in wagers per day on simulcasting alone, and another $20,507 on live races.
“Certainly it’s always encouraging to see people go,” Hopkins said. “Penn National has met their projection of what they thought they’d get out of there.”
About 80 percent of bets are paid out as prize money, Hopkins said, while Penn National keeps the other 20 percent, or roughly $977,362 in revenue so far.
Penn National spokeswoman Karen Bailey said that while the early returns are encouraging, Rosecroft needs slots if the racetrack is to find long-term success. The gambling company has sunk more than $1 million into renovations at Rosecroft this year and has committed $1.4 million to cover the track’s losses in 2011 and 2012.
Rosecroft has expanded its usual Friday and Saturday racing schedule to include Tuesdays for a two-week stretch in December, and plans to run 54 racing days in 2012.
“We’ve obviously committed to racing in 2011 and 2012,” Bailey said. “We look to slots as something that’s going to be critical to our future success.”
A divided Prince George’s County Council tabled a zoning bill that would have banned slots from operating anywhere in the county, despite objections from local ministers and civic leaders who argued casino-style gambling would damage the county’s reputation.
Penn National officials lobbied heavily against the legislation, and are pushing for a statewide referendum to determine if slots belong in Prince George’s.
