The sale of Suffolk Downs to a developer will likely result in the closure of the only thoroughbred racetrack in Massachusetts, according to State House News Service.
On Thursday, the Massachusetts Gaming Commission unanimously approved the sale of the property that straddles the East Boston-Revere line from Sterling Suffolk Racecourse to McClellan Highway Development Company, which is managed by Boston-based The HYM Investment Group. The closing date is April 27.
The buyer plans to lease the property for horse racing back to Sterling Suffolk Racecourse through 2017, according to Sterling Suffolk's lawyer. This will enable horse racing to continue through this year and both sides will decide by Sept. 25 whether the the new owner will extend the lease for 2018 racing.
Ultimately, though, the Suffolk Downs site will likely be redeveloped.
"The purchaser has no interest in live racing and will not continue live racing at the property," Gaming Commission General Counsel Catherine Blue said. "The transfer will have an impact on racing in the commonwealth in that it will result in the closure of the only thoroughbred track in the commonwealth at this time."
