thistledown northfield ohio hard rock casino

In August 2012, Rock Ohio Caesars announced plans to invest $88 million to develop a racino at the existing North Randall site. 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. The track was subsequently contributed to a Caesars joint venture with Rock Gaming in Summer 2012. Thistledown was purchased in 2010 by Harrah's Entertainment (now Caesars Entertainment) for $43 million. Thistledown and parent company, Magna Entertainment, recently filed for Chapter 11 bankruptcy. Once-thriving Thistledown, which hosts the $300,000 Ohio Derby, posted a pretax loss of $4.5 million in 2006. 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.'. In 2007, Thistledown's parent company, Magna Entertainment, announced that the racetrack was for sale. The track declined in recent years due to summertime competition and the lack of slot machines that neighboring tracks have. In September, Beulah Park takes over for Belterra Park. During the summer Thistledown races seven races on a card and Belterra Park (formerly River Downs) races the other seven. 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. The track is the home of the Ohio Derby, the only graded stakes race in Ohio. The track came under the regulation of the Ohio Racing Commission in 1931 when it was formed. It is owned by Vici Properties and operated by Jack Entertainment. Jack Thistledown Racino is a thoroughbred race track and casino in North Randall, Ohio, at the outskirts of the city of Cleveland.

Thistledown northfield ohio hard rock casino