Official Says CDI Soliciting Hollywood Offers
Updated: Wednesday, April 27, 2005 9:05 PM
Posted: Wednesday, April 27, 2005 8:31 AM
More than six decades after Hollywood Park opened, its future as a racing venue has become less than certain.
Attendance and profits are down at the Inglewood, Calif., racetrack, and owner Churchill Downs Inc. has begun soliciting and receiving developers' offers for the 238-acre property, Inglewood Mayor Roosevelt Dorn told the Associated Press.
"Clearly, Churchill Downs has put out feelers, and they're receiving bids in regard to the sale of the land," Dorn said.
Dorn said he doesn't believe a final decision has been made by CDI to develop the site or sell the property. Hollywood Park officials weren't immediately available for comment.
CDI, which acquired the 67-year-old facility in 1999, has said
publicly it is exploring its options. The process should be completed in a few months, CDI president Tom Meeker said in March.
Dorn said the company is looking at several scenarios, including selling all or part of the property to developers for upward of $200 million, or building a smaller racetrack elsewhere on the site. Any deal is likely to include retention of the Hollywood Park Casino, which is located on the property but is under different ownership.
Dorn also disputed published reports suggesting CDI is close to
selling the racetrack.
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