Magna bids for Maryland VLTs

Magna Entertainment Corp. arranged on Wednesday to fund a $28.5 million license fee for its application for video lottery terminals at Laurel Park in Maryland – with conditions.

The racetrack company, controlled by horse breeder and owner Frank Stronach, who owns Adena Springs Farm in Versailles, faced possible disqualification on its bid for a 3,000-machine facility in Anne Arundel County, Md.

Magna announced it has placed the money in an escrow account to be paid with interest provided the Maryland VLT commission agrees to refund the money if Magna gets a license but can't get zoning and other permits.

One of the other six bidders, for a 750-machine facility in Rocky Gap, Md., also failed to include a fee.