Endeavor Properties, an investor group led by Roy Arnold, former president of Arlington International Racecourse, bid more than $120 million to purchase the 326-acre racetrack property in Arlington Heights, Illinois.
But Arnold said he hasn’t heard from Churchill Downs, the track’s owner, in more than a month. Endeavor is one of three finalists interested in buying the track.
Arnold said he believes Churchill Downs may choose another bidder, possibly the Chicago Bears, meaning racing at Arlington would come to an end. “My only conclusion is that they are motivated by the desire to limit competition. This is about protecting Rivers Casino,” Arnold stated.
Observers said Churchill Down’s ownership in Rivers Casino in Des Plaines is the reason why it’s shutting down Arlington Park, which will commemorate its last race with a huge fireworks show on September 25, officials said. The Illinois Thoroughbred Horsemen’s Association even has asked Illinois Attorney General Kwame Raoul’s office to investigate potential anti-competitive or antitrust violations by Churchill Downs.
The company refused to seek a casino gambling license for the track, after years of lobbying lawmakers to allow a casino at the track. It also did not get authorization to hold racing at Arlington next year. ITHA President Mike Campbell said those actions clearly were meant to stop any future owner from operating horseracing or gambling at the track, to avoid competition with Rivers Casino.
In 2018, Churchill Downs became majority owner of Rivers Casino in Des Plaines, located 20 minutes from the racetrack. Afterwards, Churchill Downs said it would not operate gambling at Arlington because it could make more money from Rivers casino gambling and not have to fund purses for the horseraces.
Following the Bears’ June announcement that it had submitted a bid to buy the racetrack, Rivers Casino announced it reached an exclusive deal to partner with the team on casino gaming and sports betting. Observers thought that suggested the Bears’ bid could be the winner to buy the racetrack.
Arnold said his team’s proposal would include an ice hockey arena, potentially for a minor league team, plus senior housing, condominiums and apartments, an entertainment district with retail and restaurants. Other bidders include Chicago real estate developer Glenstar Properties and UrbanStreet Group in Schaumburg, which also would build a mixed-use development.
Churchill Downs officials issued a statement: “There was strong interest by many qualified bidders to purchase the property, and our team continues to work through the sale process. In order to preserve the integrity of that process, we have executed confidentiality agreements with each bidder, and we intend to uphold our obligations under those agreements. As such, we will not comment on any negotiations or speculation by others. CDI will provide an update on the sale process at the appropriate time.”
In early June, Churchill Downs said it would announce the winning bidder within a few weeks. However, no announcement has been made yet.
