Hollywood Park Sold
The Bay Meadows Land Company bought Hollywood Park for $260 million from Churchill Downs yesterday (Daily Racing Form). Racing will continue for at least three years. What happens after may depend on whether changes are made to California’s racing law allowing other forms of gambling at tracks (read: slots). Without such, Hollywood’s acreage could be developed for commercial or residential purposes, said Bay Meadows president Terry Francher. “The land is attractive land and we’re prepared to go down either path” (LA Times).
More: “In Bay Meadows, we selected a buyer who not only recognized the value of Hollywood Park, but also is committed to continuing racing there and motivated to improve the California racing environment,” said Churchill CEO Tom Meeker, speaking of the deal (Blood-Horse) … “California horse racing announced Wednesday that it had had enough. It had sat quietly at the dinner table for too long. It was time to pound its fists and knock over the salad … What happened Wednesday was gutsy, brilliant and also somewhat desperate” (LA Times).
