Rosecroft Raceway files financial statement

July 12, 2009

The owners of Rosecroft Raceway filed their financial statement of affairs in bankruptcy court this week and it’s a 127-page doozy.

I won’t bore you with the details (most of it is a long list of creditors, ranging from standardbred horse owners to financial institutions) but here’s the meat of it:

  • Rosecroft Raceway is valued at $9.9 million. If you remember, Mark Vogel just bought the property for a total “in excess of $10 million” so I’m guessing about $1 million or so from that deal will go toward subsidizing live racing.
  • Wells Fargo (the only secured creditor) is owed: $6.8 million
  • Total amount owed to all creditors: $8 million
  • Total assets: $12.3 million

Here are a couple other tidbits I found worth noting.

  • On May 3 at 3:30 a.m., more than $79,000 was stolen from Rosecroft when two men pried loose an ATM machine and took it. Rosecroft has a claim pending with Travelers Insurance. This was days after its simulcast signal was shut off by the Maryland Racing Commission. Talk about salt in the open wound...

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