The bankruptcy judge for Rosecroft Raceway is scheduled to take up the track's sale on Wednesday, the final step before auction winner Penn National Gaming becomes the official owner of the track.
Acording to bankruptcy law, the judge must weigh whether the deal — $10.25 million — is the best one the track's creditors will get. The judge also must consider the best interest of the business too, meaning if it were obvious Penn National wanted to raze the track and build condos, that would be a sticking point. (Penn National has said no such thing, FYI.)
While this seems to be a no-brainer on paper, you can never tell in the horse racing industry in Maryland. There always seems to be one more twist before any story ends. And according to a source with knowledge of the last week's auction proceedings, the losing bidder — Bethesda developer Nathan Landow — might protest the sale this week in court.
The sale hearing is scheduled for 10:30 a.m. Wednesday in Greenbelt.