A Letter from Tim Carey
Hawthorne Recapitalization Opportunities Continue to Progress for Benefit of Illinois Horseracing
In just over two months since filing for Chapter 11 financial protections, Hawthorne has achieved the following:
Investments to enable the resumption of thoroughbred racing in northern Illinois, including guaranteed purse payments
Confirmed payment of debts to Illinois harness horsemen, signaling our ongoing commitment to both breeds
Financial settlements with other race tracks to enable the resumption of simulcast wagering, including with Churchill Downs in time for full-service wagering on the Kentucky Derby
None of these accomplishments would have been possible without the continued support of Illinois horsemen and their good faith in Hawthorne to honor our 135 year legacy as a steward of the industry, and our steadfast commitment to the future of Illinois horseracing. For this we are truly grateful.
In the coming week, Hawthorne will welcome horses onto its turf, the only such course in all of Illinois. Turf racing is an essential opportunity for many barns, but all horsemen remain welcome at Hawthorne. As we always have, we will continue to work with all horsemen to offer competitive racing opportunities and we will never prevent barns stabled here from pursuing the best opportunities for their businesses. Additionally, we welcome horsemen with open arms from other racing locations to come and race at Hawthorne. We understand the importance to horsemen of having the flexibility to race their horses where they feel they can best maximize their earning potential.
In the coming weeks we expect to have additional substantive announcements as part of the recapitalization process. Hawthorne has already received financial interest from a myriad of entities ranging from gaming and racing to real estate and industrial development. While we are obligated to consider all offers, we wish horsemen to know that by doing so we can also maximize the inherent value of Hawthorne. The court-mandated process is specifically designed for this purpose. We firmly believe that the maximum value lies within our ability to develop a racino and thus aligns with our objective to create a viable and sustainable long-term future for Illinois horsemen.
To our employees, vendors and partners across the industry, including horseplayers, thank you for your continued patience and support. Thank you for sharing in our commitment to, and faith in the future possibilities of Illinois horseracing at Hawthorne Race Course.