Feb 25, 2011
Late Thursday, The Daily Record broke the story that Penn National may sell its stake in the Maryland Jockey Club. This week also saw the ribbon cutting for the Inter-County Connector toll road, that officials hope will help decongest traffic. Those stories and more in this week’s top 5 staff business stories:
1. Penn National considering selling jockey club stake – by Rachel Bernstein
Penn National Gaming Inc. is considering selling its stake in the Maryland Jockey Club, including its ownership of Pimlico Race Course and Laurel Park.
D. Eric Schippers, a spokesman for Penn National, said in an e-mail Thursday that the company is exploring the option of selling and believes the jockey club’s interests “may be better served by a single entity ownership structure given the complexities and dynamics of any 50/50 partnership.”
2. $2.6B ICC hailed as catalyst for commerce – by Nicholas Sohr
The decades-long wait for the Inter-County Connector will end Wednesday when drivers get their first crack at the new toll road snaking through Montgomery and Prince George’s counties.
At a rain-soaked ribbon-cutting event in the westbound lanes Monday morning, local, state and federal officials lauded the $2.6 billion highway project as a catalyst for economic development in the area and a decongestant for its roads.
3. Under Armour sues Canadian firm over logo, color use – by Rachel Bernstein
Under Armour is suing a Canadian company, claiming it is using similar logos, name derivatives and corporate colors.
The Baltimore sportswear maker filed the suit Thursday in U.S. District Court in Baltimore, charging that Armorline Marketing International Inc., of Langley, British Columbia, sells footwear products with branding that imitates Under Armour’s.
4. First Mariner gets 6 more months to get share price above $1 – by Ben Mook
First Mariner Bancorp, parent company of 1st Mariner Bank, has received a six-month extension to get its stock price above $1 per share after receiving approval to move trading to a new market.
On Feb. 18, the Nasdaq Stock Market told First Mariner it agreed with its request to transfer the listing of its common stock to the Nasdaq Capital Market, which until 2005 was called the NASDAQ SmallCap Market. The transfer took effect at the start of trading on Wednesday.
5. City Hall task force debates developers’ subsidies – by Melody Simmons
A city task force examining the need for public subsidies to developers debated whether to hold businesses more accountable for those tax breaks through audits and increased transparency during a heated meeting Tuesday.
The task force, formed by City Councilman Carl Stokes, is expected to issue a report with recommendations late next month, said co-chair Wendy Blair, president of W.L. Blair Development Co.