Harrah's president Gary Loveman issued a statement on Wednesday after Tuesday's purchase at a New York auction.
CLEVELAND, Ohio -- Harrah's Entertainment CEO and President Gary Loveman issued a statement on Wednesday confirming the casino conglomerate is the high bidder for Thistledown Race Track in North Randall.
"I'm pleased to announce that Harrah's Entertainment has entered into an agreement to acquire Thistledown Race Track," said Loveman in a statement to The Plain Dealer. "We have thousands of loyal customers who live in Ohio, and we're glad to have the opportunity to bring our unique entertainment options closer to them and others in the area."
Thistledown was sold at a New York auction on Tuesday morning, and for the second time to Harrah's Entertainment. The first sale last September was in bankruptcy court, with a purchase price of $89.5 million. The sale was contingent on Thistledown being awarded video lottery terminals (VLTs), or slots, which did not happen.
Tuesday's sale price is $43 million, and not contingent on Thistledown getting slots gambling. A successful statewide vote in November would allow Ohio's seven horse racing tracks to offer slots. It is considered a necessary form of gambling if horse racing is to survive in Ohio.
Most Ohio race tracks have reported losing money in the past year. General Manager Stacy Cahill of Scioto Downs said this week that without video lottery terminals, Scioto Downs may have no choice but to close after the 2010 season.
The entertainment options of Harrah's Entertainment are primarily casino gambling. It owns 38 casinos and two combination race track/casinos, Harrah's Louisiana Downs in Bossier City, La., and Harrah's Chester Racetrack near Philadelphia. Four casinos have been approved in Ohio, including Cleveland and Cincinnati operations awarded to Cleveland Cavaliers' owner Dan Gilbert.
Gilbert has yet to confirm a downtown Cleveland casino site, or a company to operate his casinos. Sources report Gilbert has met with Harrah's Entertainment officials.