Why did Hawthorne Race Course file for bankruptcy?

Hawthorne Race Course Inc. filed for Chapter 11 bankruptcy protection due to significant financial distress, including unpaid purses and bounced checks.

Who are the major creditors of Hawthorne Race Course?

Major creditors include Fanatics, which is owed $8.75 million, Monarch Content Management with a $7.1 million claim, and Churchill Downs Inc. with a $975,000 claim.

What is the financial situation of Hawthorne Race Course?

The company reported estimated assets between $50 million and $100 million, and liabilities ranging from $100 million to $500 million.

Home / Business and Economy / Illinois Racetrack Owes Millions, Files Chapter 11

Illinois Racetrack Owes Millions, Files Chapter 11

28 Feb

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Summary

Hawthorne Race Course filed for Chapter 11 bankruptcy protection.
The track owes millions to creditors like Fanatics and Churchill Downs.
This filing highlights struggles in US horse racing against new gambling options.

Illinois Racetrack Owes Millions, Files Chapter 11

Hawthorne Race Course Inc. has filed for Chapter 11 bankruptcy protection in Chicago, citing significant financial distress, including unpaid purses and bounced checks. The company reported assets between $50 million and $100 million, with liabilities ranging from $100 million to $500 million.

Notable creditors include Fanatics ($8.75 million), Monarch Content Management ($7.1 million), and Churchill Downs Inc. ($975,000). Hawthorne also owes substantial state-mandated fees to Illinois horsemen's associations. These financial issues led Illinois regulators to suspend its harness racing license last month.

Founded in 1891, Hawthorne is the last remaining racetrack in northern Illinois. Its inability to cover purses and failed casino construction plans contribute to its current predicament. CEO Tim Carey stated the bankruptcy filing is a necessary step for the benefit of Illinois horsemen, employees, and their families.

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