Published: September 16, 2009 11:17 am ET

No Comments | Jump to Comments

An $89.5 million offer from Harrah's has landed the casino and racetrack owner the Thistledown Racetrack for thoroughbreds, as the U.S. Bankruptcy court of Delaware approved the bid Monday, September 14.

As explained in an article by The Plain Dealer, Harrah's will pay $42 million in cash when it closes the deal, and another $47.5 million in contingency payments.

Other interested parties throughout the 40 rounds of bidding were Penn National (bidding as Cleveland Gaming Ventures LLC) and a subsidiary of Pinnacle Entertainment.

According to The Plain Dealer report, Harrah's officials stated that they "are exited to be entering Ohio and look forward to developing a first-class facility in Cleveland which will create significant employment opportunities in the region."

Harrah's also operates Pennsylvania's Chester Racetrack for standardbreds.

Click here to the read The Plain Dealer article in its entirety.

(With files from The Plain Dealer)