'Underappreciated' Suffolk Downs Nears Purchase Agreement With Development Company - Horse Racing News | Paulick Report

‘Underappreciated’ Suffolk Downs Nears Purchase Agreement With Development Company

Suffolk Downs

Nearly eight decades of horse racing has been conducted at Massachusetts' Suffolk Downs Racetrack, but it appears that time has come to an end. The Boston Globe reported Friday that a $155 million deal to purchase the grounds is expected to close between Sterling Suffolk Racetrack, track owner, and HYM Investment Group. HYM intends to build a development center on the 161-acre site, with about a quarter of the land set aside for open space and wetlands, though simulcasting and several live races are expected to continue for another year.

“It's a rare, almost nonexistent opportunity to do something really special on a very big site,” said Tom O'Brien, HYM managing director. “It's the kind of place that has been underappreciated for a long time.”

In 2014, the Massachusetts Gaming Commission awarded Boston's casino license to Wynn Resort. Joe O'Donnell, principle of Sterling Suffolk, said he knew the track would be redeveloped when it did not win the casino license, since it had been losing money for years.

Read more at the Boston Globe.

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