My finance view

WILMINGTON, Del.–A Delaware bankruptcy judge has approved the sale of Magna Entertainment Corp.'s Thistledown race track in Ohio for $89.5 million.

The judge on Tuesday approved the results of an auction the previous day which resulted in the winning bid from Harrah's Operating Co. Harrah's offered $42 million in cash at closing and contingent payments of $47.5 million.

An attorney for Ontario-based Magna says the auction involved more than 40 rounds of bidding that started with Penn National's lead, or stalking-horse bid, of $22.3 million.

Magna Entertainment is the largest horse-track owner in the United States. Its holdings include Gulfstream Park in Florida, Lone Star Park in Grand Prairie, Texas, and Baltimore's Pimlico racetrack – host of the Preakness Stakes, the second leg of the Triple Crown.

Source