Harrahs to Take Over Thistledowns
May 26, 2010
Thistledown Race Track has a new owner. Harrah's Operating Co. bought the thoroughbred track Tuesday for $43 million at an auction in New York, sources with knowledge of the situation confirmed. Harrah's officials would not confirm the sale.
Harrah's is the largest casino company in the world. It owns 38 casinos and now three horse racing tracks. The others are Harrah's Louisiana Downs in Bossier City, La., and Harrah's Chester Racetrack near Philadelphia. If the naming pattern continues, Thistledown would become Harrah's Thistledown.
This is the second time Harrah's has made a bid to buy Thistledown. In September, Las Vegas-based Harrah's Entertainment bid $89.5 million for the track, but the deal was contingent on state legislators allowing video lottery terminals, also called slots, to be installed at horse racing tracks. The bid was voided when efforts by LetOhioVote.org led to the issue being placed on this November's ballot.
Harrah's bid Tuesday had no contingencies, it will be the owner of the track. "I've been very impressed, working with Harrah's [after the first sale in bankruptcy court]," said Executive Director Tom Fries Jr. of the Ohio State Racing Commission. "Harrah's has been very forthright from the beginning, and very enthusiastic about horse racing at Thistledown."
Penn National Gaming Inc. was an aggressive bidder for Thistledown in last September's bankruptcy auction in Maryland. Magna Entertainment Corp., which bought Thistledown in 1999, is being dissolved. Ownership of Thistledown was transferred to Magna's parent company, MI Developments Inc. in Aurora, Ontario, near Toronto. Magna once owned 11 race tracks around the country.
It was less likely Penn would challenge Harrah's in the New York auction because of Penn's recent purchase of Beulah Park in Columbus. Legislation would have been needed to allow Penn, which owns Raceway Park in Toledo, to own three Ohio race tracks. Penn also got voter approval in a statewide Ohio ballot last November to build casinos in Toledo and the Columbus area. The Ohio State Racing Commission has yet to approve the sale of Beulah Park. |
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