According to the Chicago Tribune, Balmoral Park is back on the market with an asking price of $4 million.
The former horse racing track was converted into a horse show jumping arena in 2017. Following the owners’ bankruptcy in late 2015, Balmoral Park has been the venue for various equestrian events, including saddle competitions.
Balmoral Park, located near Crete in unincorporated Will County, was acquired by Horse Shows in the Sun (HITS), a company based in New York, for $1.6 million in 2016.
HITS completed extensive park renovations, including removing the oval track and infield and repairing the stables. However, a significant portion of the garden remains intact, including the enclosed 4,400-seat stadium.
All of the traditional features of the park, including the complete range pole, are still intact.
Balmoral Park was renamed Lincoln Fields in 1926 and then rebranded under new ownership in 1955.
However, what makes this price intriguing is the fact that the current owner is unknown.
Has Phil Goldberg always finalized the sale of HITS?
Last year, HITS revealed its plans to sell to engineer Phil Goldberg.
Goldberg had grand plans for the location, envisioning the construction of a casino and bringing back strap racing.
When the Tribune reached out to Goldberg, HITS, and Crete area authorities for additional information, there was no response. Real estate agent Nick Oosting from Re/Max 2000 mentioned that he was unable to disclose the identity of the seller.
Goldberg encountered multiple obstacles in his efforts to develop the park, making the situation uncertain.
Until 2026, all types of gambling, such as horse racing and casino gaming, are banned due to the property’s sale in 2016.
Furthermore, among the six Cook County townships, only one allows a “racino” to operate according to Illinois law. This particular district does not include Balmoral Park.
As a result, significant changes to legislation would be necessary for Goldberg’s plans to be realized. It remains to be seen whether this will deter individuals from investing over $4 million in the property.
In 2016, Heidner attempted to buy Balmoral.
Balmoral Park has not held a funnel race since 2015, but it has recently faced criticism.
In 2016, Rick Heidner, the owner of Gold Rush Gaming, planned to invest $1.8 million in the playground.
Creditors eventually chose the HITS offer, even though it meant slightly less income.
Heidner tried to buy the original Tinley Park Mental Health Center in hopes of turning it into a racino, as he was still interested in getting involved in the racing and gambling industries.
The state intended to transfer ownership of the facility to the village of Tinley Park, who would then sell the land to Heidner.
Illinois Governor JB Pritzker shifted the blame after discovering Heidner’s involvement and connection to scandalous figures. It was revealed that Heidner had longstanding business ties to the Suspenzi family, a well-known member of the criminal underworld.
In 2003, the Illinois Gaming Board (IGB) discovered that Rocco and Jeffrey Suspenzi concealed their ownership interest, along with that of an alleged mob associate, in the unsuccessful Emerald casino venture.
Dominic Buttitta, who confessed to operating a secret renaissance business from 2005 to 2009, entered into a real estate agreement with Heidi.
racing in Illinois today
Currently, Illinois is home to three horse racetracks: Arlington Park, Hawthorne Race Course, and Fairmount Park.
Fairmount will be rebranded as FanDuel Sportsbook and Horse Racing in the near future.
FanDuel, like Goldberg’s vision for Balmoral, also has plans to build racinos at Hawthorne.
There are currently no game ideas at Arlington Park that are comparable.
If Balmoral can consistently operate a racino, it will not be the first in the Land of Lincoln.
