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Consortium of Illinois off-track betting operators dissolved

Posted: Monday, September 20, 2010 2:26 PM

by Neil Milbert

Inter-Track Partners LLC, the consortium of Hawthorne Race Course, Balmoral Park, Maywood Park, and now-defunct Sportsman’s Park that was formed when off-track betting came to Illinois in 1987, has been dissolved.

The consortium jointly owned and operated each of the parlors the tracks are entitled to under the Illinois statute.

The parlors now will be owned and operated as individual entities by Hawthorne, Balmoral and Maywood, according to Shelley Kalita, general counsel and director of administration for the Illinois Racing Board.

“The board will sort it all out at the [September 28] dates hearings,” Kalita said.

The dissolution of the partnership came after Inter-Track Partners was unable to make payments on a $3-million secured loan to M.B. Financial Bank. The limited liability corporation’s assets had been pledged for security and they were taken over by the bank in accordance with the U.S. Commercial Code.

The bank, in turn, resold the assets to the Hawthorne subsidiary Post Time and Coast to Coast, a subsidiary of the Standardbred tracks, Balmoral and Maywood, which have common ownership.

Neil Milbert is an Illinois-based Thoroughbred Times correspondent

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READER COMMENTS

Posted by: Ken, Chicago, IL on September 23, 2010 at 01:10 PM

The Sport is dead in Illinois. Everyone wants to be a casino owner now here. To think slots will help racing is a joke.All it will do is make the track owners go from millionaires to multi millionaires. They ran the horse business in to the ground just to try to get gaming here.If people are fianally getting smart they wont let it happen.

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Posted by: Jeffery Hummel, Maimi , FL on September 23, 2010 at 11:49 AM

There is "no question" about the survival of Illinois Racing without slots. Race tracks were in Illinois long before slots ! Yet they are doomed to fail.It's time for the monopley game to Stop. In Flordia you have the indians in Illinois you have the polititions.

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Posted by: eric, hinsdale, IL on September 21, 2010 at 04:20 PM

Cannot meet their responsibilities,and the bank sells it back to them?No wonder racing is in trouble!

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