Balmoral Racing wins approval to wind down, cease remaining operations

By Caroline Salls

Pittsburgh, Jan. 20 – Balmoral Racing Club, Inc. received approval to wind down and cease all remaining operations, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Illinois.

The company said all racing activity at the debtors’ tracks has ceased because of loss of licensing.

According to the company, “without live racing available in 2016 there is no net benefit to the estate of their continued operation.”

The company additionally said no bids have been received for Maywood Park Trotting Association, Inc. or Balmoral as going concerns over a nine-month marketing and sale process period.

“Given the confluence of unfortunate events in 2014 and 2015 (i.e., entry of the judgment, failure to enact gaming legislation, a loss of 2016 race dates, and the resulting lack of interest in the purchase of the debtors’ operations), the debtors submit that a wind down is inevitable and necessary,” the motion said.

The wind down, the company believes, can be completed by Jan. 29.

Balmoral is a Crete, Ill.-based racetrack operator. The company filed for bankruptcy on Dec. 24, 2014, under Chapter 11 case number 14-45711.

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