Hilco Global Sets June 26 Bid Deadline for Hawthorne Race Course, Offering Industrial Real Estate Redevelopment or Gaming Going-Concern
Hilco Global's real estate practice, working in cooperation with Province LLC, has announced June 26 as the deadline for qualified bids on Hawthorne Race Course, a 108-acre property in Stickney, Illinois, currently navigating Chapter 11 bankruptcy proceedings. The real estate acquisition opportunity is being presented to the market along two parallel tracks: as a going-concern gaming and racing platform, or as a large-scale industrial real estate redevelopment site.
The sale is subject to approval by the U.S. Bankruptcy Court for the Northern District of Illinois (Eastern Division), Case No. 1:26-bk-03505, In re: Hawthorne Race Course, Inc. Qualified bids must be submitted in accordance with court-approved bid procedures available through Hilco Global's real estate sales website and through Province LLC.
Property Overview: Scale, Location and Entitlements
Founded in 1891, Hawthorne Race Course is Illinois' oldest horse racing venue and has operated as a fixture of the Chicago-area racing scene for more than a century. Located approximately 10 miles from downtown Chicago, the property spans approximately 108 acres and includes roughly 1.12 million square feet of buildings. That total comprises an approximately 364,421-square-foot grandstand and clubhouse, along with approximately 760,024 square feet of barns, residential and ancillary structures. The facility is capable of accommodating more than 2,100 horses.
The property currently supports Thoroughbred and harness racing operations, pari-mutuel wagering, food and beverage operations and simulcast betting. It also operates an off-track betting network with 10 active locations.
From a licensing standpoint, the asset carries a notable entitlement package. Hawthorne Race Course holds rights tied to a potential casino development with up to 2,000 authorized gaming positions, an active master sports wagering license, and Illinois' sole harness racing organizational license.
Illinois continues to rank among the nation's larger gaming markets. Statewide casino adjusted gross receipts reached approximately $1.9 billion in 2025, according to figures cited in the offering materials. Illinois sportsbooks handled more than $15.6 billion in wagers during the same year, representing approximately 11.7% year-over-year growth, making Illinois one of the largest legal sports wagering markets in the United States.
Industrial Real Estate Redevelopment Potential
For buyers less focused on gaming operations, the offering materials position Hawthorne as one of the largest remaining infill development parcels in the Chicagoland area. The site carries I-2 Heavy Industrial zoning, which supports logistics, distribution, manufacturing and mixed industrial uses.
The site is situated along Cicero Avenue, just south of the Roosevelt/Cicero Industrial Corridor, an established manufacturing hub. The surrounding area includes a range of distribution and logistics operators. Within a 10-mile radius, the property has access to Interstates 55, 290 and 294, Chicago Midway International Airport, the BNSF Cicero Intermodal Facility, the BNSF Corwith Intermodal Facility, the Chicago Intermodal Terminal and the Chicago Sanitary and Ship Canal.
The broader Chicagoland market — the Chicago-Naperville-Elgin, IL-IN-WI metropolitan statistical area — has been ranked the No. 1 metro area in the United States for corporate expansion and relocation projects for 13 consecutive years, according to figures cited in the offering. The region is home to more than 9.3 million residents and a workforce of over 5 million people, with advanced manufacturing supporting approximately 335,000 jobs. In May 2026, World Business Chicago projected Chicagoland's Gross Regional Product at approximately $929 billion for 2025, following $886 billion in economic output recorded in 2024.
Chapter 11 Process and Dual-Track Marketing Strategy
The court-supervised sale process is structured to attract a range of buyer profiles simultaneously. Hilco Global and Province LLC are marketing the asset concurrently as a going-concern recapitalization opportunity — targeting gaming operators, entertainment groups and institutional investors — and as a real estate acquisition for industrial developers and adaptive reuse buyers.
"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," said Adam Rosen, partner at Province LLC. "Hawthorne combines a long-standing operating platform with valuable gaming entitlements and substantial real estate optionality, creating multiple paths for future investment and redevelopment."
"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," said Steve Madura, managing director of operations at Hilco Global. "With exceptional multi-modal logistics connectivity and strong surrounding market fundamentals, Hawthorne represents a truly rare opportunity to reimagine a landmark asset for its next chapter. Regardless of its future use, this sale is a once-in-a-generation chance to shape one of the region's most distinctive properties."
No asking price, reserve amount or stalking-horse bidder has been disclosed in the offering materials.
How to Participate
Qualified bids are due by June 26 and must be submitted in accordance with the bid procedures available for review and download from HilcoRealEstateSales.com. The sale is being conducted in cooperation with Jeff Azuse, Illinois Broker, License No. 471.011086.
For information regarding the going-concern sale, interested parties may contact Province LLC's Adam Rosen at (702) 879-4937 or arosen@provincefirm.com, Rick Darnold at (702) 296-2632 or rdarnold@provincefirm.com, or Mark Schlecker at (929) 505-0386 or mschlecker@provincefirm.com.
For information regarding the industrial real estate redevelopment sale, interested parties may contact Hilco Global's Steve Madura at (847) 504-2478 or smadura@hilcoglobal.com, Jamie Coté at (847) 418-2187 or jcote@hilcoglobal.com, Joel Schneider at (847) 418-2723 or jschneider@hilcoglobal.com, or Henry Nash at (847) 313-4796 or hnash@hilcoglobal.com. Due diligence documents are accessible at HilcoRealEstateSales.com or by calling (855) 755-2300.
Hilco Global, a subsidiary of ORIX Corporation USA, is a diversified financial services company headquartered in Northbrook, Illinois, with more than 810 professionals operating on four continents.