The Suffolk Downs track’s owners cleared a key hurdle Thursday as they race to close a deal to sell the property next month to a local developer.

The Massachusetts Gaming Commission voted to approve the sale, a necessary step for track owner Sterling Suffolk Racecourse to continue thoroughbred racing and simulcasting at the 161-acre property after selling it to an affiliate of The HYM Investment Group of Boston. The two sides have set a closing date of April 27.

Sterling Suffolk Racecourse expects to continue leasing part of the site that includes the track and barn area for $20,000 a month through the rest of 2017 and potentially in 2018 to keep a limited horse race schedule and continue simulcasting. The racing schedule for 2017 is already set, and both sides would need to determine by October whether HYM’s development plans can accommodate live racing in 2018. HYM has not yet disclosed how it plans to redevelop the property, which straddles the East Boston-Revere line.