The Prince George's County racetrack had been struggling for years through several owners before finally filing for bankruptcy.
The raceway has been inactive since July 1.
A potential buyer has until the beginning of next month to close the deal on the purchase. But if that sale falls through, there are other options in the works, state officials said.
"We're very optimistic about the things that are happening, about the progress that we're making, and we're hopeful we'll have a good and favorable result for everyone," said Kelley Rogers, the CEO of Cloverleaf Enterprises, the company that owns Rosecroft.
Earlier this week, a federal judge ruled that the raceway's lawsuit can proceed against Maryland's horse-racing industry for allegedly conspiring to drive the track out of business.