The historic Hawthorne Race Course in Stickney, Illinois, is set to be sold for $90 million, potentially cancelling long-awaited casino plans. The owners have sought bankruptcy court approval to sell the track’s real estate to Allimac 2023 LLC. This move appears to sideline the casino project, a development many considered key for Illinois thoroughbred racing. While the sale proceeds, the fate of the racing tradition remains uncertain.
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Financial Struggles at the Fore
Hawthorne Race Course, the last active racetrack in the Chicago area, filed for Chapter 11 bankruptcy in February. The filing disclosed assets between $50 million and $100 million against liabilities reaching up to $500 million. This drastic measure followed reports of bounced checks to horse owners and a struggle to secure financing for the casino project initially approved by the Illinois Gaming Board in 2020. Despite initial demolition, the casino project stalled for years, failing to progress beyond preliminary steps. Tim Carey, Hawthorne’s President and CEO, previously noted “substantial interest” from potential partners, but no viable bids materialized, establishing Allimac’s offer as the leader by default.
Allimac’s Role and Auction Outcome
Allimac’s $90 million cash bid was set as the stalking-horse bid, effectively the offer for others to surpass. But with secured creditor 180 Hawthorne Holdings as the only other qualified party, Allimac secured the property without contest. But although initial reports suggested a sale approval, Judge Timothy Barnes postponed the hearing until July 22. Allimac has signaled openness to delay taking over until November, but extending operations would require new financing—not yet arranged. Carey reiterated that the operational side of Hawthorne is separate from the land sale, leaving room for racing to continue in some form.
Wider Context and Regulatory Background
Illinois lawmakers opened the door for casino gambling at racetracks in 2019. Hawthorne was among the early beneficiaries, gaining preliminary approval the following year. The goal was to modernize and diversify revenue streams, but financial obstacles consistently hindered progress. Industry observers might see parallels with other stalled racetrack-casino initiatives across the country, where financing challenges and market saturation often prove difficult hurdles. The upcoming decision on July 22 holds major weight—not just for Hawthorne but for Illinois racing’s future.
Awaiting the Court’s Decision
The bankruptcy court will reconvene to deliberate on July 22. Hawthorne’s future, and the wider implications for Illinois racing, hinge on this ruling. The outcome will signal the next phase for a storied piece of racing history that now faces an uncertain path. Whether Hawthorne can pivot and find a sustainable model amidst these challenges remains to be seen, but industry watchers will undoubtedly keep a close eye on what unfolds next.
Eri Gaitu leads the news desk at Best in Slot, tracking breaking developments across the gambling world in real time. From exclusive bonus offers and casino launches to licensing updates and regulatory shifts, Eri ensures readers are always first to know about the changes that matter to their gaming experience.
