Company's $89.5 million bid wins auction for Ohio track

Harrah’s Entertainment’s $89.5 million bid to purchase the Thistledown Racetrack for thoroughbreds has been accepted, and the U.S. Bankruptcy court of Delaware has approved the agreement for the sale from Magna Entertainment Corp. to the Las Vegas-headquartered casino operator. Under the deal, Harrah’s will pay $42 million in cash when it closes the deal, and another $47.5 million in contingency payments.

Among others interested in acquiring the property were a subsidiary of Pinnacle Entertainment and Penn National.

Harrah’s released a statement Tuesday noting that it was pleased that the U.S. Bankruptcy Court for the District of Delaware had approved an agreement for the sale to Harrah’s Operating Company, a subsidiary of Harrah’s Entertainment. Closing of the sale is subject to satisfaction of certain conditions and receipt of all required regulatory approvals.

“We are excited to be entering Ohio and look forward to developing a first-class facility in Cleveland which will create significant employment opportunities in the region,” the statement said. “Harrah's has a proven track record of operational excellence and a long history of maintaining the highest standards in the gaming industry through our Code of Commitment, a public pledge to our communities, employees and guests to make each and every community of which we are a part a vibrant place to live, work and visit. We look forward to continuing this tradition in Cleveland.”