Pinnacle Race Course has surrendered its license for 2011, meaning the Michigan track won’t offer live Thoroughbred racing or full-card simulcasts this year.
The Michigan Gaming Control Board, which now oversees horse racing in the state, accepted surrender of the license May 4, the Detroit News reported.
In a letter released by the Michigan Horsemen's Benevolent and Protective Association, gaming control board executive director Richard Kalm said Pinnacle is suffering from “financial viability issues.”
Kalm also said surrender of the license doesn’t mean Pinnacle can’t apply for 2012 racing dates. Any revenue from Thoroughbred simulcasts in the state will be placed in escrow.
Pinnacle, owned by Jerry Campbell's Post It Stables, is located in the Detroit suburbs.