Colonial Downs sold to Chicago-based organization

Colonial Downs race track has been sold to a Chicago-based group after the completion of a sale Wednesday afternoon.

With the recent General Assembly bill of slots-like betting terminals for historic racing passing, Revolutionary Racing struck a deal with Jacobs Entertainment, the deal exceeded more than $20 million according to a press release. Also, the release said that JNB gaming and Peninsula Pacific were also investors in making the acquisition.

On Oct. 15, 2014, Jacobs surrendered his track license to the Virginia Racing Commission (VRC) after an agreement could not be reached with the Virginia Horseman’s Benevolent and Protective Association (VHBPA). The doors of the facility officially closed on Nov. 1 of that year, with all-betting venues following suit in April 2015.

The facility remained dormant until a bill surfaced in 2017 to provide slot-like machines in the facility for betting on historic racing. While the bill failed in 2017, revisions and negotiations paved a way for its approval in 2018. From there, Revolutionary Racing negotiated terms for the purchase of Colonial Downs.

For now, there are no races planned at the facility as VRC commented over recent weeks. However, Revolutionary Racing is planning to reopen the venue within the next couple of years.