Racing group buys Virginia’s Colonial Downs for over $20M

National

RICHMOND, Va. (AP) — Chicago-based Revolutionary Racing has bought Virginia’s Colonial Downs racetrack for upward of $20 million, touting the purchase as a major step toward reopening the shuttered facility.

The new owners tell The Richmond Times-Dispatch the deal closed Wednesday and resulted from the decision to pass legislation to allow new, slots-like betting terminals that generate revenue to support the track. Peninsula Pacific and JNB Gaming are other partners in the venture.

A Revolutionary Racing commissioned study says the reopened facility could produce more than 1,000 jobs and have an annual economic impact of nearly $350 million.

There has been no live racing at the track since 2014. The facility’s developer and longtime owner surrendered its license to the Virginia Racing Commission over a dispute with a nonprofit that represents thoroughbred horse owners, trainers and breeders.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

LKQD Outstream

Trending Stories

Don't Miss

Nativo

WAVY Twitter Widget

WAVY Facebook