Colonial Downs Group Celebrates Six Months of Success
Tax Revenues, Jobs & Player Activity All Exceed Expectations
Richmond, VA – November 4, 2019 – Colonial Downs Group announced today its first six months of financial results since beginning operations on April 18, 2019 in New Kent County. The results also include operations in Vinton, which opened on May 6, 2019 and four months of results in Richmond, which opened on June 29, 2019. Colonial Downs Group is generating additional tax revenues and jobs with the opening of its fourth Rosie’s Gaming Emporium in Hampton last week on October 29, 2019.
To date Colonial Downs Group has generated the following:
· Over 1,000 jobs in New Kent, Vinton, Richmond and Hampton
· $ 5,911,366 in tax revenue to the Commonwealth of Virginia
· $ 2,730,165 in tax revenue to New Kent County
· $ 301,641 in tax revenue to the Town of Vinton
· $ 738,369 in tax revenue to the City of Richmond
· Handle (amounts played) of $729,192,184 (HHR) & $24,374,840 Pari-mutuel
· Total prizes to players of $674,103,572 (HHR) & $17,585,518 Pari-mutuel
· Annual payroll of $36.2 Million
Aaron Gomes, chief operating officer of Colonial Downs Group, stated, “We promised to deliver good jobs and generate significant tax revenues across the Commonwealth by bringing together gaming enthusiasts, and the community to experience an exciting and fun new activity at Rosie’s Gaming Emporiums and through the return of thoroughbred horseracing at Colonial Downs racetrack. We are extremely grateful to our patrons who have embraced what we are offering and helped us keep our commitment. The results are exceeding expectations and we look forward to continued growth, opportunity and economic development.”
Colonial Downs Group presently operates 2,150 Horse Racing Machines (HHRs), and owns and operates seven off-track betting locations. Thirty-six thousand spectators attended the live racing events at Colonial Downs racetrack in New Kent County and more than fifteen million viewers across the nation watched and bet on the races through the TVG network in 2019.
About Colonial Downs: Colonial Downs’ bright future features the return of live thoroughbred racing and full card simulcasting with the excitement of innovative historic horse racing (HHR) gaming technology. In collaboration with the Virginia Racing Commission (VRC) and Virginia Equine Alliance (VEA), Colonial Downs has brought competitive horse racing back to New Kent County and the Commonwealth with the re-opening of the best turf track in the country and a network of satellite HHR facilities branded as “Rosie’s”. Colonial Downs Group is making a $300 million investment in the Commonwealth of Virginia creating 1,000 new jobs. This effort will generate $25 million annually in state tax revenues, $17 million annually in local tax revenues and $25 million annually to Virginia’s horse industry. The project is not receiving any tax credits or government incentives.