Mounting debt stymies Hawthorne Race Course

The Real Deal has reported that a plan to develop a casino at a south suburban harness racing track has turned into a litigious nightmare for the property’s owners, heirs of the Carey family.

Contractors have filed at least four liens totaling $6.7 million against the owners of Hawthorne Race Course, alleging unpaid construction work, the Chicago Tribune reported.

The financial woes cast doubt on Hawthorne’s ability to secure funding for the racetrack and casino development — known as a “racino” — which has been in the pipeline for nearly five years.

Lawmakers are considering revoking Hawthorne’s exclusive rights to build racinos within a 35-mile radius, a monopoly granted by state law.

“If they ain’t got the money, let’s move on,” state Rep. Marty Moylan told the outlet. “The Carey family is screwing it up for everybody. They should let it go and let surrounding communities open a racino.”

The track is in the “advanced execution phase” of a $400 million financing deal, which would make the racino development financially viable, a Hawthorne spokesperson said. However, skepticism remains high given the track’s history of unfulfilled financial promise.

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Republished rom Therealdeal.com