The Beat Goes On: Another Bankruptcy

AP reported --


WILMINGTON, Del. — A Delaware bankruptcy judge on Tuesday approved the sale of two of Magna Entertainment Corp.'s horse racing tracks — Thistledown in Ohio and Remington Park in Oklahoma City — for a combined total of almost $170 million.

Judge Mary Walrath approved ....[a] bid of $89.5 million for the Thistledown track near Cleveland from Harrah's Operating Co., a wholly owned subsidiary of Nevada-based casino giant Harrah's Entertainment Inc.

Harrah's offered $42 million in cash at closing and contingent payments of $47.5 million.
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(Is this what a license is worth on the open market for a race track?)

The contingent payments hinge upon successful resolution of various legal challenges to Ohio's plan to install slot machines at the state's seven horse tracks.

Walrath approved the sale of Remington Park for $80.25 million to Global Gaming Solutions RP LLC, a subsidiary of the Chickasaw Nation that plans to continue casino and racing operations at the track.

Its [Magna's] holdings also include Gulfstream Park in Florida, Lone Star Park in Grand Prairie, Texas, and Baltimore's Pimlico racetrack — host of the Preakness Stakes, the second leg of the Triple Crown.