LA 75-year-old Racetrack To Close

Opened in 1938 under the direction of movie moguls Jack and Harry Warner, the racetrack property near Los Angeles Betfair Hollywood Park will close by the year end and will be developed with new housing and retail facilities.

It was in March 2012 when the Hollywood Park Racing Association and Betfair US, the Los Angeles-based subsidiary of Betfair plc that also owns TVG Network, completed an agreement to transform the customer experience for fans at the venue as well as online and on television. It was the first naming rights agreement for a horse racing venue in the US when Hollywood Park was renamed 'Betfair Hollywood Park''.

As Betfair has in recent times been restructuring and refocusing under the new leadership of Breon Corcoran, the track announced on Thursday that it won't apply to the California Horse Racing Board for 2014 dates.

The president of the company, Jack Libau, said this week that the land was now simply higher in value and could be put to a better use as a property development project although a land casino on the property will continue to operate, and is expected to be renovated as part of the new development..

The track's 260-acre footprint will be turned into 3,000 new housing units with single-family townhomes and condos; 25 acres of parkland, including a 10-acre central park; and a retail and entertainment district, anchored by a movie theatre, office space and a 300-room hotel.

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