The horse racing track's owners said they hope to sell the land to a developer and transfer the racing license to a different location in Illinois.
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"It was a sad day in Arlington Heights when the news finally came down," Arlington Heights Mayor Thomas Hayes said. "Certainly I think it was a foregone conclusion from the business perspective of Churchill Downs that they were going to put the track up for sale at some point."
Hayes told the Daily Herald there's a number of potential redevelopment options for the facility that fall under the heading of "mixed-use."
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Some of the ideas range from a new stadium for the Chicago Bears to a Ravinia-style concert venue.
Right now, the owners of the track in the northwest suburbs said they are committed to running the 2021 racing season as scheduled.