Harrah's Casinos have announced that they have purchased Thistledown Racetrack today for $89.5 Million. Thistledown, who begin offering slot machine gaming in May, had its parent company Magna Entertainment Corp fall into bankruptcy protection and the government forced the company sell off some its assets.

Harrah's is a popular name in the gambling world. They own legendary Las Vegas casinos such as Ceasar's Palace, Bally's, Rio, amongst many others.

"We are excited to be entering Ohio and look forward to developing a first-class facility in Cleveland which will create significant employment opportunities in the region," Harrah's said in a statement issued after the hearing.

The company will pay $42 million upfront and conclude the deal with payments totaling an additional $47.5 million.