It has been reported that the owners of Scarborough Downs in Maine have put the 66-year-old raceway and its 483 acres of land up for sale for $7.5 million.
News of the listing comes courtesy of an article by the Portland Press Herald, which explains that track’s current owners have ‘little or no interest’ in keeping the track running.
The piece states that the track’s vice president of finance, Denise Terry, has basically taken over control of operations of the track for her mother, Sharon Terry, who had been running the track since 2001. The track had previously been operated by Terry’s late husband, Joe Ricci.
Denise has cited increased competition from other gaming enterprises and dwindling interest and revenues at the track as reasons for putting the track and its acreage for sale. Additionally, the raceway has recently run into issues with agriculture officials. Runoff from manure in the barn area has elevated bacteria levels in streams and storm drains. Factor in the aging of general infrastructure and lack of gaming expansion.
“The idea of (having) a casino there has stalled development of the larger site,” said Andrew Ingalls, the listing broker with Malone Commercial Brokers. “The owners want to be aggressive in selling the property. The highest and best use is to scrap the track and develop the property in a way that takes advantage of all the site has to offer. You could turn that property into a downtown area that would shine like a diamond.”
(With files from the Portland Press Herald)
.jpg)
.jpg)