Remington Park Thrives Despite Owner's Bankruptcy

Remington Park, is having one of its best year's, despite being up for sale. 

Tuesday, May 5th 2009, 3:38 pm

By: News 9


By Alex Cameron, NEWS 9

OKLAHOMA CITY -- Remington Park is having one of its best years ever, despite being put up for auction by its bankrupt owner.

Yesterday a bankruptcy judge approved the owner's proposed sale plans, which could put Remington under new ownership by mid-September.

Canada-based Magna Entertainment Corporation, the largest horse track owner in the U.S., says it has between half a billion and a billion dollars in liabilities, so they're trying to liquidate valuable assets tracks like Lone Star Park in Texas, Santa Anita Park in California, and, of course, Remington Park in Oklahoma City.

On a rainy, muddy day, the amount of activity on the track is an indicator of the level of racing Remington now boasts.

"They've got the best quarter horses in the United States running here at this meet, I mean, it's really gotten tough," quarter horse trainer Russell Harris said.

Harris is licensed to race in 13 states, but says Remington is his favorite track.

"It's just a really good place to run, and besides, the money's real good right now," Harris said.

The track's gaming operation has helped push daily purses over $200,000 and makes Remington a potentially attractive buy, although an Indian tribe's plans to open a competing casino just miles away may have made it less attractive.

"I think in 2008, when the Shawnee were doing their publicity campaign oh how they were going to do that, it certainly did probably scare off some buyers then," Remington Park General Manager Scott Wells said.

But Wells believes the Shawnee casino plan isn't going anywhere, and thus believes there's no reason Remington wouldn't sell.

"And whether we're bought by a subsidiary or the former company or whether we're purchased outright by another entity, we're going to try and be as, as seamless as possible in our transition," Wells said.

Horsemen say they will also continue to operate as if nothing is going to change, although they know a change in ownership could change everything.

"It might be to our benefit, or it might be, ya know, the other way, a disadvantage, it's just according to how serious they are about running our horses," Wells said.

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