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Thistledown Racetrack sold to Harrah's for $89.5 million

Cleveland Plain Dealer,  Tuesday, September 15, 2009 at 9:01:25 PM

Harrah's Operating Company, which owns 38 casinos and two thoroughbred race tracks, is the new owner of Thistledown Racetrack.

The U.S. Bankruptcy Court of Delaware approved Harrah's $89.5 million bid for the North Randall thoroughbred racing facility. It ended 40 rounds of bidding on Monday that began with a so-called stalking-horse bid of $22.3 million by Penn National, bidding as Cleveland Gaming Ventures LLC, and included bids from a subsidiary of Pinnacle Entertainment.

Harrah's will pay $42 million in cash when it closes the deal, and another $47.5 million in contingency payments.

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