Official: Colonial Downs to close doors Nov. 1

It didn’t take long to find out the fate of Colonial Downs; owner Jeffrey Jacobs made the decision himself.

In probably one of the most shocking moves in the saga between Virginia Horsemen’s Benevolent and Protective Association (VHBPA) and Colonial Downs, Jacobs withdrew requests for thoroughbred and standard bred racing and surrendered the track’s license during the Oct. 15 Virginia Racing Commission (VRC) meeting inside the General Assembly Building in Richmond. The move ends 10 months of failed negotiations between all parties.

Jacobs presented a timeline of events on the success of Colonial Downs 17 years of racing, but said that his vision for horse racing differed from the current model.

“The glory days have faded into memory,” Jacobs said. “In recent years purses have become less and less competitive in the Mid-Atlantic and national markets.

“We have not attracted the same quality of horses as we did in earlier years,” he continued. “The betting public has voted and the amount wagered on our races has steadily declined.”

Jacobs reiterated his proposal of a 20-day season with three high stakes racing days in a proposed contract to VHBPA. Now, that offer is off the table and the facility is scheduled to close Nov. 1. By contrast, horsemen from VHBPA desired an eight-week, 24 day meet with smaller purses.

“I am very proud of Colonial Downs’ associates and proud of what they have accomplished,” Jacobs added. “I am sorry that we have to come to this day.

“I want you to know that in spite of all that has transpired, I wish nothing but the best for the industry going forward,” he said.

Afterwards, Jacobs added input of the growing cost of the industry.

“We need some sort of public-private partnership,” he said. “Right now, there are two different visions among everybody involved.”

According to Jacobs’ press release, approximately $6 million is made for horsemen currently per year. In order to meet objectives of high stakes racing, that purse would have to increase into the range of $15 to $20 million for not only the track to remain operational, but for horsemen to make a modest living.

As for the facility itself, Jacobs believes there is still some hope for its uses.

“I hope it will come back bigger and better than ever,” he said. “To make that happen it’s going to take some legislative changes.

“I wanted to help the industry grow in Virginia as it has in other states,” he continued. “I’m looking to fix the problem [of small stakes meets].”

Colonial Downs’ president Ian Stewart said that all options are being weighed for the use of the facility.

“We’re going to look at all possibilities for it,” Stewart said. “We are hoping to work with the county to have it open for the county fair as well as the AMA motorcycle racing.

“No one wanted to see the situation come to this,” Stewart concluded.

Virginia Racing Commissioner and New Kent resident Stran Trout expressed extreme disappointment with Jacobs’ decision.

“This is something that I did not want to see coming,” said Trout. “Colonial Downs was key to bringing tourism to the small county.”

The closure of the track also results in 177 full and part-time jobs lost in the county. District 1 supervisor Thomas Evelyn spoke about the decision and the impact it will have on the county, as well as Jacobs’ stance.

“We knew Jacobs pulling the license was an option,” said Evelyn. “I believe Jacobs felt that the VRC was not going to vote in his favor and did what he thought was right.

“That track was valued at $25 million with the racing,” Evelyn added. “The county took a $400,000 hit this year and who knows how much it will impact the county in future budgets.”

Meanwhile, Trout concluded his comments, saying that his desire for racing to return to Colonial Downs is high.

“Right now this is a roadblock in our way,” said the New Kent resident. “I’m hopeful that we will be able to work out a solution and return thoroughbred racing back to Colonial Downs in the near future.”