Thistledown Racecourse Bought By Harrah’s Entertainment

This week, the Ohio Racing Commission approved the $43 million sale of Thistledown Racecourse, in Cleveland, to Harrah’s Entertainment.

Apparently, Harrah’s jumped on the opportunity to make the purchase because Thistledown could become a prime location for a possible casino expansion that may included the installation of slot machines.

Initial reports are saying that Cleveland Cavaliers owner, Dan Gilbert’s Rock Ventures company could become a major player in the hunt for an operator of the track.

The track’s prior owner, Magna Entertainment, recently filed for Chapter 11 bankruptcy after reporting hundreds of millions of dollars in losses over the last few years.

The Thistledown became part of the Ohio Gaming Commission in 1931. The track itself has a one mile dirt oval.

Thistledown is not the only Ohio track to get an new owner this week.

On Wednesday, Penn National Gaming was approved to buy Beulah Park Racetrack, near Columbus, for somewhere in the neighborhood of $37 million.

Penn already owns Raceway Park in Toledo and feels that the state may be an exciting market moving into the future.