The board of directors of Cloverleaf Enterprises, Inc., has rejected a counteroffer by casino company Bally's to bail out Rosecroft Raceway and Ocean Downs.
"We're back to square one," said Cloverleaf president Gerald Brittingham. "They made some changes in our offer and some other caveats were in it that were voted down."
The offer involved Bally's forgiving its $10 million loan to Cloverleaf in exchange for transferring ownership to the casino company. In the original proposal, Bally's would guarantee five years of live racing at the two harness tracks.