Delaware Park racetrack and casino sold by Rickman family after 38-year run

Brandon Holveck
Delaware News Journal

For the first time in 38 years, Delaware Park will no longer be a part of the Rickman family, which helped revive the racetrack from financial ruin and make it once again competitive with neighboring operations. 

The family has sold the casino and racetrack business to a private equity firm and a gaming investor, according to a press release issued Friday afternoon.

The new owners will be Clairvest Group Inc., a Toronto-based "middle market" private equity firm, and Rubico Gaming LLC, a newly formed subsidiary run by investor Thomas Benninger. Benninger is involved in several casino and gaming companies, including as a member of the board of directors of Caesars Entertainment Corp.

Race horses make their way down the track during the first race of opening day at Delaware Park Wednesday, June 17, 2020.

Delaware Park President Bill Fasy said Friday he's unaware of any immediate operational changes. Fasy declined to comment on the sale price.

According to the press release, the sale is expected to close before the end of the year.

Delaware Park will be the 30th casino and racetrack Clairvest has invested in, Fasy said. Benninger's group, Rubico, recently took ownership of the Louisiana Downs racetrack and casino.

Clairvest and Benninger did not immediately respond to requests for comment.

The White Clay Creek Country Club, which sits adjacent to the racetrack, will remain under the control of the Rickman family, according to the press release.

MORE TO READ:Delaware's first and only female governor, Ruth Ann Minner, dies at 86

The Rickman family

William Rickman Sr. had a full career as a Maryland real estate developer before he purchased Delaware Park at age 63 in 1983. At the time, the business was at the brink of extinction, facing stiff competition from neighboring racetracks.

He operated the business for 10 years before handing day-to-day operations to his son William Rickman Jr., who also carried on the family's construction and real estate business. Rickman Sr. died in 2005.

Fasy said Clairvest approached the Rickman family about a year ago. With Rickman Jr. in his mid-70s, the next generation of the family decided to sell and focus on the real estate business.

A wall of screens shows horse races from around the country at Delaware Park.

"They felt this was the right time to sell," Fasy said.

Five years ago, the Rickmans also sold Ocean Downs, a Berlin, Maryland, casino and racetrack, which they purchased in 2000.

MORE TO READ:Delaware children ages 5-11 can now get the Pfizer COVID-19 vaccine. Here's what to know

Delaware Park history

William du Pont Jr. designed Delaware Park and guided its construction through the 1930s to have a nearby place to race his thoroughbreds. It opened as the only major track on the East Coast that raced in June with the exception of the Aqueduct in New York.

Increased competition in the 1970s started placing a strain on the business. By 1983, the year Rickman Sr. bought Delaware Park, the business had fallen so deep into financial ruin – The News Journal reported it lost $2 million in 1982 – the racetrack closed.

"There is little hope that horses will ever race there again," The News Journal wrote at the time.

Rickman revived the business by offering smaller purses, which attracted cheaper horses than in previous years. Business boomed and competition improved in 1996 when legislation was passed to allow slot machines. 

Over the past two decades, Delaware Park's business has vacillated as it faced competition from new casinos throughout the region, according to News Journal archives. In Delaware, there are three casinos and racetracks: Delaware Park, Dover Downs and Harrington Raceway & Casino.

Delaware Park's signature competition, the Delaware Handicap, is the state's biggest thoroughbred horse race.

Contact Brandon Holveck at bholveck@delawareonline.com. Follow him on Twitter @holveck_brandon.