No Slot Machines, Tracks May Have to Merge

There have been talks in the past of a merger of Northfield Park and Thistledown, with one track buying out the other. However, with the idea of slot machines coming into the tracks, talks had been put on hold. But Issue 3, the constitutional amendment that would have legalized slot machines at the tracks was defeated by the voters, which leaves the tracks wondering where they go from here.

Past attempts to merge were not successful, but without the slot machine revenue to keep the tracks going, it may be necessary for them to come to some sort of agreement. Northfield Park Chairman Brock Milstein is not willing to bet on it, although he did say that talks are underway. "There haven't been any formal discussions, but a very basic conversation that we need to find a way to work better together," Milstein said.

At last week’s Ohio State Racing Commission meeting, talk eventually got around to the slot machines, and what the tracks are going to do now that they have not been legalized. There was also talk of Milstein calling Magna Entertainment, Thistledown’s parent company, about a possible purchase. "There has always been interest there," Milstein said. "One of us or the other [being the owner of both] probably makes the most sense. I'm open to exploring the possibilities."

Thistledown was purchased by Magna in 1999 for $14 million, and Milstein became Chairman and CEO of Northfield that same year. The fact remains however, that without slot machines, the two tracks probably cannot continue to compete, but instead of slot machine revenue perhaps they can pull from each other.

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