Richmond approves Colonial Downs’ off-track betting Kmart proposal
Posted on October 5th, 2018
Colonial Downs is one step closer to bringing an off-track betting facility to South Richmond.
On Monday, Richmond City Council approved a resolution in support of the proposal to turn a former Kmart into a historical horse racing wagering site.
Revolutionary Racing, owners of Colonial Downs, plans to turn the 140,000-square-foot building at 6807 Midlothian Turnpike into a wagering facility, according to Colonial Downs spokesman Mark Hubbard.
The facility is expected to create 200 jobs and bring in $2 million in city tax revenue and $20 million in state tax revenue when fully operational sometime in 2019, according to Hubbard.
The facility had a purchasing price at $6 million and would cost an additional $41 million to upgrade and renovate, according to Hubbard.
Historical horse racing machines allow players to gamble on previously contested races. The payouts come from pools of money generated by the players.
The Virginia Racing Commission is finalizing regulations for historical horse racing machines. The commission will discuss regulations and could vote on them during its next meeting at 10 a.m. Oct. 2, at the State Corporation
Commission office in the Tyler Building, Courtroom B, 1300 E. Main St., in Richmond.
If the regulations are approved, the company would be capped at 700 machines for the new facility, according to Virginia Racing Commission draft regulations.