Day At The Track

The Stronach Group closes Rosecroft deal

07:31 AM 03 Aug 2016 NZST
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Rosecroft Raceway
Rosecroft Raceway

Two and half months after entering into an agreement to buy Rosecroft Raceway in Maryland from Penn National Gaming Inc., The Stronach Group announced Aug. 2 it has closed the deal.

“We appreciate Penn National Gaming working with us to make this acquisition happen in a smooth and timely manner,” said Sal Sinatra, Maryland Jockey Club president and general manager. “We’re excited about moving forward at Rosecroft. We look forward to expanding our simulcast network, having a presence in the Washington, D.C., market, and growing the harness racing market in the Mid-Atlantic.”

Rosecroft is one of two harness tracks in Maryland a major off-track betting site. Located south of the nation's capital in Prince George’s County, the track had been acquired by PNGI for $11 million from a bankruptcy auction. The holding company The Stronach Group acquired is officially called Prince George’s Gaming Ventures.

Sinatra said The Stronach Group will begin making improvements to Rosecroft over the next 90 days. The track, which opened in 1949, begins its fall season of harness racing Sept. 13. The facility is open every day for full-card simulcasts.

Rosecroft last year handled about $32 million in the building, with $22 million bet on Thoroughbred racing and $10 million on harness racing, according to Sinatra. On-track wagering on live races over more than 50 programs was about $850,000 in 2015.

Reprinted with permission of Bloodhorse

 

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