| Off to the races
Virginia Business
December 2004
Colonial
Downs is off and running with a spate of new off-track
betting parlors that promise to bring more revenue —
and prominence — to Virginia’s only sanctioned
horseracing track. Voters in Scott, Henry and Westmoreland
counties gave their go-ahead on ballot initiatives for
local pari-mutuel racing centers that allow patrons
to bet on live horse races across the country. Similar
measures were defeated in Greene County and Manassas
Park.
There are now nine OTB parlors throughout the state,
with existing facilities in Richmond, Chesapeake, Hampton,
Alberta and Vinton. Colonial Downs president Ian Stewart
expects gamblers to bet about $75 million annually at
the newest sites, adding to the $130 million currently
being bet around the state. Stewart says the money will
mean higher purses and more racing days. Track officials
also want to launch the Virginia Turf Festival, a special
meet of high-end races they hope will attract some of
the country’s best horses. “Ultimately,
we think all of this will help add to the national stature
of Colonial Downs and the overall Virginia horse industry,”
Stewart says.
Advocates for expansion campaigned on its financial
benefits, stressing that the new parlors would pump
dollars into the local economies, including nearly $10
million in construction activity and more than $1.5
million annually in tax revenue and spending on goods
and services. Each new site expects to initially hire
about 50 full- and part-time employees.
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