It was reported late last week that a deal has been reached which will see the ownership of Scarborough Downs in Maine change hands.
According to an article by the Portland Press Herald, the locally-based based Cross Roads Holdings reached a contract with the track’s current owners two months ago (October). Multiple reports have also stated that the deal is expected to go firm early in 2018.
Scarborough Downs (Photo courtesy Michael Newman)
Cross Roads Holdings includes William, Marc and Rocco Risbara III, and Peter and Richard Michaud, all of whom are longtime area residents.
Speaking about an envisioned long-term re-development of the 480-acre site, Rocco Risbara said that the area, which could potentially be a future hub for the municipality, could take 15 to 30 years to fully construct.
“The town wants and needs different types of businesses and different types of services as well as different types of housing that can all be met with this property,” Rocco Risbara was quoted as saying. “For us, we recognize it has wonderful development potential.”
Risbara also said that a lease agreement with the racetrack’s current owners could preserve 60 jobs. He also said that there are no plans for the racetrack, for now, and that the lease will be in place for the “foreseeable future.”
Scarborough Downs, which has hosted live racing as far back as 1950, has been the subject of many failed deals over the years – the most recent of which fell through earlier in 2017.
(With files from the Portland Press Herald)