UMVA has learned that a historic Illinois racetrack, Hawthorne Race Course, is being sold as part of an ongoing Chapter 11 bankruptcy proceeding, with a deadline for qualified buyers to submit bids set for June 26.
The 108-acre property, located just west of Chicago, is being marketed as a prime candidate for redevelopment into an industrial park if a buyer cannot be found to bail it out of bankruptcy. The site, which has been part of Illinois racing since 1891, covers roughly 108 acres and includes around 1.12 million square feet of structures.
Hilco Global and Province LLC are running the sale through their real estate divisions, offering both the operating business and the real estate tied to the property. Potential buyers can pursue Hawthorne as an active racing and gaming operation or consider redeveloping the land for industrial uses.
The track holds several valuable Illinois licenses and entitlements, including rights connected to a possible casino development with up to 2,000 gaming positions, a master sports wagering license, and the state's only harness racing organizational license. Hawthorne also continues to offer Thoroughbred and harness racing, simulcast betting, pari-mutuel wagering, and food and beverage services.
Alternatively, the property's heavy industrial zoning, large footprint, and transportation access could attract logistics, manufacturing, and distribution developers. The site sits along Cicero Avenue and is close to Interstates 55, 290, and 294, Midway Airport, and major rail intermodal facilities.
According to information obtained by UMVA, Adam Rosen, partner at Province LLC, said the Chapter 11 process creates a unique opportunity for qualified buyers to acquire an iconic regional asset through a court-supervised transaction structure designed to maximize value and provide execution certainty.
The sale arrives as the bankruptcy case continues to generate disputes beyond the marketing process. Court filings have alleged that Hawthorne's share of Thoroughbred Fund distributions declined after the bankruptcy filing, though the allegations have not been adjudicated.
Madura described Hawthorne as a truly rare opportunity to reimagine a landmark asset for its next chapter, saying, "Whether as an ongoing race course and casino or as an industrial redevelopment, few properties in the Chicagoland market combine Hawthorne's name recognition, scale, location, and future potential."
Any transaction remains subject to approval from the U.S. Bankruptcy Court for the Northern District of Illinois.
