Tuesday, 21 May 2024

Kawartha Downs is for sale

Kawartha Downs is now on the market.

The property had been in court-ordered receivership by a Toronto company since May 2017 after then-owner Harvey (Skip) Ambrose’s businesses had amassed major debts.

The case file is listed on the website for Rosen Goldberg under “Courtice Auto Wreckers Limited et al.”

According to the ad in the Globe and Mail, the casino and racetrack, as well as 115 acres of land, is included in the sale.

There is no listing price, but the property is valued at $20 million.

It’s not expected the future sale of the property will impact the use of the casino and racetrack.

Sources close to the situation tell Global Peterborough, Kawartha Downs is coming out of receivership in hopes of negotiating a long-term deal to keep the slot machines at the Fraserville, Ont., facility.

Kawartha Downs has been closed since Oct. 15 for renovations to bring the casino down from 450 slots to 150.

Food and beverage employees have been working around the clock to renovate the kitchen and dining areas.

On Wednesday, Ontario Lottery and Gaming released the following statement:

“An agreement-in-principle was recently reached between OLG and Kawartha Downs for slots at the racetrack. Today, we extended the transition period to allow work to continue to implement that agreement-in-principle.”

Sources told Global Peterborough on Wednesday the closure will likely last “two to three weeks.”  The source also said the employees would be paid in full during the duration of the closure.

According to the ad, written offers to purchase Kawartha Downs will be accepted until Nov. 30.

— More to come.

Source: Read Full Article

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