Thistledown (racecourse)
| Jack Thistledown Racino | |
|---|---|
| Location | North Randall, Ohio |
| Address | 21501 Emery Road |
| Opening date | April 9, 2013 |
| Total gaming space | 57,000 sq ft (5,300 m2) |
| Casino type | Racino |
| Owner | Jack Entertainment |
| Coordinates | Coordinates: 41°26′14″N 81°31′49″W / 41.4371°N 81.5303°W |
| Website | jackentertainment |
Jack Thistledown Racino is a thoroughbred race track and casino in North Randall, Ohio, at the outskirts of the city of Cleveland. It is owned and operated by Jack Entertainment.
The track came under the regulation of the Ohio Racing Commission in 1931 when it was formed. The track is the home of the Ohio Derby, the only graded stakes race in Ohio.
The track races under the Ohio 7/7 Program which means that live racing is held at two locations in the state at the same time. During the summer ThistleDown races seven races on a card and Belterra Park Gaming & Entertainment Center races the other seven. In September, Beulah Park takes over for Belterra Park. Ohio racing is dark January to March. The track declined in recent years due to summertime competition and the lack of slot machines that neighboring tracks have.
In 2007, ThistleDown's parent company, Magna Entertainment, announced that the racetrack was for sale. As a result of staggering losses in which Magna Entertainment reported net losses of $87.4 million in 2006, $105.3 million in 2005 and $95.6 million in 2004, and has an accumulated deficit of $393.8 million as of March 31, 2007, Magna Entertainment stated: "Accordingly, the company's ability to continue as a going concern is in substantial doubt and is dependent on the company generating cash flows that are adequate to sustain the operations of the business, renew or extend current financing arrangements and maintain its obligations with respect to secured and unsecured creditors, none of which is assured...". Once-thriving ThistleDown, which hosts the $300,000 Ohio Derby, posted a pretax loss of $4.5 million in 2006. ThistleDown and parent company, Magna Entertainment, recently filed for Chapter 11 bankruptcy.
ThistleDown was purchased in 2010 by Harrah's Entertainment (now Caesars Entertainment) for $43 million. The track was subsequently contributed to a Caesars joint venture with Rock Gaming in Summer 2012.
In June 2012, the State of Ohio inked a memorandum of understanding authorizing the state's seven racetracks to offer video lottery terminals (VLTs), and permitted some tracks to relocate to less gaming-concentrated areas of the state.
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