Revolution Racing, in partnership with Peninsula Pacific Gaming, has bought Colonial Downs in New Kent, Virginia.
Gov. Ralph Northam signed a bill this month that allows new betting machines at Colonial Downs, which closed down nearly four years ago. The bill will allow betting on historical horse races, meaning that people can bet on past horse races without actually knowing what horse they're betting on.
Revolution Racing, based in Chicago, has finalized the purchase. The purchase price was "in excess of $20 million."
Colonial Downs last held horse races in fall 2014, but was shut down after a disagreement with state regulators.
The purchase comes days after a 600-acre section of land in New Kent on the border with Henrico County was purchased by a group connected to the Pamunkey tribe that could be used for a potential casino in the future.
New Kent County Board of Supervisors Chairman Thomas Evelyn will hold a town hall event to discuss the developments.
Evelyn said he had been receiving calls and emails and is researching the process on getting a casino to open in the area.
The town hall will be May 24 at 6:30 p.m. at the New Kent Visitors Center.
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