A nationally known casino operator might be buying financially troubled Rosecroft and Delmarva raceways.
The Cloverleaf Standardbred Owners Association, which hopes to purchase the tracks, voted instead last night to take another week to consider refinements in a contract submitted to its board last night by the Bally's Entertainment Corp. of Chicago to purchase the raceways.
Bally's would assume the bank loan and obligations of the current owners, Colt Enterprises, and take over Cloverleaf's Letter of Intent to purchase the tracks. It will give the Cloverleaf group 7.5 percent equity in Rosecroft/Delmarva and one seat on the board of directors of the tracks. However, it will only guarantee operating the tracks until Dec. 31, 1997, unless the Maryland General Assembly passes casino legislation.
"We will have a caveat in the contract that if the tracks are to be sold in 1997, then they will be sold as racetracks," said Phil Tully, a harness horseman who represents Bally's. Tully said he's "hopefully optimistic" that the Cloverleaf board will accept his proposal when it is put to a vote next Monday.
Charles Lockhart, executive director of Cloverleaf, said, "We will take this week to think about the proposals and determine by next week whether we're going to accept the casino deal or proceed ourselves."
Delaware 12:45 p.m.
Philadelphia 12:45 p.m.
Freehold 1 p.m.
Hialeah 1 p.m.