THISTLEDOWN, OHIO – Ohio’s Thistledown race track has been sold to casino giant Harrah’s for $89.5 million as part of the bankruptcy proceedings of Magna Entertainment.

The payment consists of $42 million cash and additional payments of $47.5 million, which relate to existing contractual obligations and future performance fees. The purchase means Harrah’s now owns three racetracks; they already own Louisiana Downs and Chester.

Magna filed for Chapter 11 bankruptcy on 5 March this year and appointed a new interim CEO, Greg Rayburn, in April.

Thistledown was the subject of 40 rounds of bidding and saw Penn National and Pinnacle Entertainment fight it out with Magna to buy the track. Magna Entertainment bought Thistledown in 1999 for $9.5 million but the agreement of Ohio state legislature to allow 2,500 slot machines at each of the state’s seven tracks has made the site far more attractive to potential buyers.

Magna Entertainment Corp is the largest owner of racetracks in the United States. It owns prestige tracks such as Gulfstream Park in Florida, Pimilco in Baltimore and Golden Gate Fields in San Francisco. They also own the online betting sites Xpressbet and MagnaBet and AmTote, a tote hub provider to tracks and off track betting outlets.

The bancruptcy court is in the process of taking bids for their remaining tracks with all sales expected to be completed prior to Christmas.