New life for Rosecroft
January 31, 2011,from Harness Tracks of America
Tucson, AZ — Penn National Gaming bought Rosecroft Raceway for $10.25 million last Friday, and plans to restore live harness racing to the track this year.
Eric Schippers, Penn National’s senior VP for public affairs and government relations, issued this release Friday after Penn outbid Peter Angelos, owner of the Baltimore Orioles, for the shuttered track.
“We are very pleased to have been selected as the winning bidder for Rosecroft at today’s bankruptcy hearing, which is subject to the final approval of Federal bankruptcy judge Paul Mannes, who is expected to act (this) week. As the largest owner and operator of pari-mutuel wagering facilities in the nation, this acquisition is consistent with Penn National’s strategy of diversifying our pari-mutuel operations and presence in key markets with assets that can benefit from the placement of gaming devices. Once receiving final approval, we look forward to working with the Standardbred horse owners and the Maryland State Racing Commission to develop a plan to resume live racing at Rosecroft this year. Our long range plan, as it remains for Laurel Park, will be to seek slot machines at Rosecroft, which will help to revitalize Maryland racing and generate important new revenues for the state. We’re hoping the Legislature might consider allowing slots at Rosecroft to go to the ballot as it is considering other changes to Maryland gaming law.”
Final approval by Judge Mannes is scheduled for a hearing Wednesday in U.S. district court in Greenbelt. Both legislature and voters would have to act to clear the way for slots at Rosecroft, with a November 2012 ballot date likely the earliest the issue could be considered.
Support from Maryland governor Martin O’Malley was quickly forthcoming, with an announcement saying he was looking forward to working with the new owners to restore 200 jobs at the track. His office also said it plans to introduce legislation that would allow Rosecroft and Ocean Downs in Ocean City, Maryland, to use up to $1.2 million each in purse supplements to defray operating costs, and would open the way for the Maryland Economic Development corporation, a private enterprise established by the state, to lend up to $4 million to Rosecroft, to be paid in purse supplements, for a 40-day meeting. According to reports, the loan would require the track to hire back former employees, recognize previous collective bargaining agreements and require reinvestment or revenue in either operating or capital spending to benefit the track.
- Penn National Gaming wins Rosecroft auction (Friday, January 28, 2011)
Penn National Gaming is the new owner of Rosecroft Raceway, agreeing to pay $10.25 million in cash for the racetrack.
- Rosecroft bidder files objection (Wednesday, February 02, 2011)
One of three bidders for Rosecroft Raceway in last week’s bankruptcy auction is objecting to Penn National Gaming’s purchase of the track, arguing it had the higher and better offer.
- Judge approves Penn National’s purchase of Rosecroft (Wednesday, February 02, 2011)
A federal judge today approved the sale of Rosecroft Raceway to Penn National Gaming for $11 million in cash over the objection of a group led by former state Democratic Party Chairman Nathan Landow.
- More court filings in Rosecroft sale (Friday, February 11, 2011)
There was more news concerning the sale of Rosecroft Raceway this week.
- Penn National Gaming finalizes purchase of Rosecroft (Monday, February 28, 2011)
Penn National Gaming completed their transaction to purchase Rosecroft Raceway today.