Qualified buyers have until June 26 to submit bids for Hawthorne Race Course as the historic Illinois racetrack seeks a buyer or investor during its ongoing Chapter 11 bankruptcy proceedings.
Hilco Global is running the sale through its real estate division alongside Province LLC. The offering covers both the operating business and the real estate tied to the property.
Located in Stickney, about 10 miles southwest of downtown Chicago, Hawthorne has been part of Illinois racing since 1891. The site covers roughly 108 acres and includes around 1.12 million square feet of structures. Among them are a grandstand, clubhouse, barns, residential facilities and support buildings with capacity for more than 2,100 horses.
Hawthorne sale effort advances toward June deadline
The marketing effort is being presented as a dual-track opportunity. Potential buyers can pursue Hawthorne as an active racing and gaming operation or consider redeveloping the land for industrial uses.
The track holds several Illinois licenses and entitlements, including rights connected to a possible casino development with up to 2,000 gaming positions, a master sports wagering license, the state’s only harness racing organizational license and an off-track betting network operating 10 locations. Hawthorne also continues to offer Thoroughbred and harness racing, simulcast betting, pari-mutuel wagering and food and beverage services.
At the same time, Hilco and Province say the property’s heavy industrial zoning, large footprint and transportation access could attract logistics, manufacturing and distribution developers. The site sits along Cicero Avenue and is close to Interstates 55, 290 and 294, Midway Airport and major rail intermodal facilities.
“The Chapter 11 process creates a unique opportunity for qualified buyers to acquire an iconic regional asset through a court-supervised transaction structure designed to maximize value and provide execution certainty,” said Adam Rosen, partner at Province LLC. “Hawthorne combines a long-standing operating platform with valuable gaming entitlements and substantial real estate optionality, creating multiple paths for future investment and redevelopment.”
The sale arrives as the bankruptcy case continues to generate disputes beyond the marketing process. Earlier this year, Judge Timothy A. Barnes denied Hawthorne’s request for an emergency hearing connected to a motion seeking additional time to file required financial disclosures, ruling the matter did not qualify for emergency treatment.
More recently, Hawthorne and the official committee of unsecured creditors sought authority to investigate Illinois Department of Agriculture Director Jerry Costello II and others over decisions involving Thoroughbred Fund distributions. Court filings alleged Hawthorne’s share of those funds declined after the bankruptcy filing, though the allegations have not been adjudicated. On May 27, Barnes authorized discovery efforts related to those claims.
“Whether as an ongoing race course and casino or as an industrial redevelopment, few properties in the Chicagoland market combine Hawthorne’s name recognition, scale, location and future potential,” said Madura.
“With exceptional multi-modal logistics connectivity and strong surrounding market fundamentals, Hawthorne represents a truly rare opportunity to reimagine a landmark asset for its next chapter. Regardless of its future use, this sale is a once-in-a-generation chance to shape one of the region’s most distinctive properties.”
Any transaction remains subject to approval from the U.S. Bankruptcy Court for the Northern District of Illinois.
Featured image: Hilco Global
The post Hawthorne Race Course’s sale deadline set as bankruptcy scrutiny process intensifies appeared first on ReadWrite.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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