Colonial Downs bought for more than $20 million

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Colonial Downs, the Commonwealth’s only thoroughbred racing venue, is reopening again after a Chicago-based racing company purchased the racetrack for over $20 million.

Revolutionary Racing, partnered with Peninsula Pacific, officially closed on the purchase of Colonial Downs on April 25.

The racetrack closed in 2014. But after the passage of HB 1609 — a bill passed by the General Assembly that establishes historical horse racing as a form of horse racing — momentum regarding the track potentially reopening began to build. 

RELATED: Momentum building in Va. equine industry for potential return of Colonial Downs

Chmura Economics and Analytics, a Richmond based firm, found in a recent study that reopening Colonial Downs should lead to the creation of over 1,400 new jobs, have an annual economic impact of $349.1 million and generate $41.6 million in annual state and local tax revenue. 

Larry Lucas, chairman of Revolutionary Racing, spoke about the purchase: 

 “We are thrilled to take yet another important step forward in the effort to help revitalize Virginia’s longstanding horse industry. This moment would not be possible without the proactive leadership shown by the General Assembly and Governor Ralph Northam.A vibrant and successful Colonial Downs is critical to ensuring that horse racing can thrive and grow in the Commonwealth.”

Racing dates and further details will be released in the upcoming months. 

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