08/02/2016 3:01PM

The Stronach Group completes purchase of Rosecroft


The Stronach Group said Tuesday that it has completed its purchase of Rosecroft Raceway from Penn National Gaming.

Rosecroft is located in Fort Washington, Md., south of Washington D.C. It is the Stronach Group's first harness track. A purchase price was not disclosed.

The Stronach Group owns the Maryland Jockey Club, which operates Laurel Park and Pimlico Race Course, as well as Gulfstream Park, Santa Anita Park, Portland Meadows, and Golden Gate Fields.

The purchase of Rosecroft gives the Maryland Jockey Club a simulcast outlet near the nation's capital.

Rosecroft is set to begin a 54-day harness meet Sept. 13. Sal Sinatra, president of the Maryland Jockey Club, said the Stronach Group will begin to make capital improvements at Rosecroft within the next 90 days.

“We look forward to expanding our simulcast network, having a presence in the Washington D.C. market, and growing the harness racing market in the Mid-Atlantic," Sinatra said.

The Maryland Jockey Club has expanded its simulcast network in Maryland since Sinatra joined the Stronach Group in late 2014. The Maryland Jockey Club has OTB's in Boonsboro, Timonium, the Horseshoe Casino in Baltimore, and the Riverboat, on the Potomac in Colonial Beach, Va.

Sinatra estimates those facilities - without Rosecroft - will generate $35 million to $40 million in handle a year.