Revolutionary Racing and its partner, Peninsula Pacific, have purchased shuttered Virginia raceway Colonial Downs, and it is expected that live racing will return to the facility in the future.
The deal, which has been valued at more than $20 million, closed on Wednesday (April 25), according to an article by The Paulick Report.
The deal comes on the heels of Virginia Governor Ralph Northam signing House Bill 1609 earlier this month, which calls for the legalization of the operation of historical racing machines at Colonial Downs. The legalization of the machines, which are also referred to as ‘instant racing terminals,’ was part of an effort to attract an out-of-state investor to take over the currently-defunct raceway. Colonial Downs, which was harness racing's only one-turn oval and the location of the first sub-1:50 trotting mile, officially shut its doors in the spring of 2015.
“We are honoured to be a part of the team that is bringing horse racing back to one of its oldest homes,” Peninsula Pacific Chairman M. Brent Stevens has been quoted as saying. “I'd like to thank the members of the General Assembly for passing the legislation that has made this day possible; Gov. Ralph Northam for signing the bill and for his strong support for this industry; our partners at Revolutionary Racing and in the Virginia horse racing community and the seller, Jacobs Entertainment, Inc. I have no doubt Colonial Downs will continue to be a Virginia landmark in the years ahead, and a facility that all Virginians will be proud of.”
“There is no reason Virginia cannot be a national leader in horse racing,” said JNB Chief Operating Officer Jonathan Swain. “The Commonwealth has the climate, the history, and the talent to be at the top of the sport. The reopening of Colonial Downs gets us closer to making this a reality, and we are looking forward to being involved in this effort as it moves forward.”
There has yet to be any indication as to whether live harness racing will return to Colonial Downs.
(With files from The Paulick Report)