Wyoming Downs has cut its season short and the future of the horse racing track is uncertain, its president Richard Sims said.
The fall meet, scheduled to run from Sept. 10 through Oct. 2 was canceled Wednesday.Sims declined to offer an explanation for the abrupt cancellation, but he did say the track has suffered financially for the past two years.
Responding to rumors that the track was being foreclosed on, Sims said foreclosure proceedings were initiated a year ago by Frontier Federal Savings in Oklahoma but are not being pursued.
Sims said Wyoming Downs Inc. is working with lenders to restructure its debt. Filing for bankruptcy is not an option, he said, declining to disclose details of the privately held corporation's indebtedness.
"The future is uncertain at this point . . . but bankruptcy has not been considered."
The 4-year-old track had held races every weekend since Memorial Day realizing a $5.5 million handle, or betting commission proceeds, and paying about $600,000 in prize money.
But Sims said the handle was 13 percent off from last year, which is a general reflection of the region's economy. He said more than 90 percent of the track's patrons come from the Wasatch Front.