by Sharon Roberts, executive vice president, CSOA

Oxon Hill, MD — Penn National Gaming completed their transaction to purchase Rosecroft Raceway today, completing the harness racetrack’s Chapter 11 reorganization plan which called for the sale of substantially all of the assets of Cloverleaf Enterprises Incorporated, which includes Rosecroft Raceway.

U.S. District Judge Paul Mannes ruled on Feb. 2, 2011, that Penn National Gaming had offered the best and highest offer for Rosecroft and entered the Sale Order from the Court on Feb. 11, 2011, allowing Penn National Gaming to complete the transaction.

Kelley Rogers, President of Cloverleaf Enterprises, stated: “We are very pleased that our reorganization is complete. The sales process was fair and open. Any bidder who wished to compete had the opportunity to make the highest and best bid. We thank and commend our Trustee, Jim Murphy, for conducting a well managed process and auction.

“Penn National has proven their commitment to preserving harness racing in Maryland. We have faced tremendous challenges over the past three years and we finally have a strong partner who will work with us to provide a bright future for our industry. They will work well with the horsemen, community and legislature. We still have a lot of work in front of us but I am confident in our outstanding group of legislators from the 26th district and I am confident in Penn National. Rosecroft needs help from the legislature to survive and thrive. I am confident the industry, history, and jobs will be preserved through the leadership of our legislators.

“We are totally focused on live racing at Rosecroft. That is what matters most to the horsemen and harness racing industry. We are looking forward to resuming live racing in the late fall for 20 to 22 days this year and then expanding the days in 2012. Our goal is to build a year round harness racing schedule in Maryland, working with Ocean Downs.”