Revolutionary Racing Kentucky LLC was awarded the ninth and final horse racing license in Kentucky. The Massachusetts-based group plans to invest $55m to build a quarter horseracing track and a gambling venue.
The planned development is expected to take place near Ashland, which is in the eastern part of the state.
Kentucky Governor Andy Beshear released a statement saying: "We are excited to have quarter horse racing back in Kentucky. This project invests $55m and creates 200 jobs in the northeast corner of our commonwealth.
"Bringing quarter horse racing back to Kentucky is an exciting opportunity to honor a lost Kentucky tradition and contribute to the state’s economy."
The Boston-based CEO of Revolutionary Racing Kentucky, Prentice Salter, told commission members last month that he expects the facility would bring in a handle of $500m a year, with net revenue of $40m.
The press release from the governor's office stated that the first phase of the project includes the construction of a sprint race track, gambling facility, paddock, racing barns with 176 stalls total, a test barn and parking.
Ashland, where the facility is being built, is a city of nearly 22,000 people on the Ohio River.
Although many lauded the development, Senate Majority Floor Leader Damon Thayer questioned what he called a "rushed" process for license approval on the project.
Thayer told the Herald-Leader: "I agree that Eastern Kentucky is the one part of the state that doesn’t have a track or facility since the closing of Thunder Ridge in Prestonsburg…but I don’t like how this process was rushed."
In the governor's office release, Boyd County Judge Executive Eric Chaney said: "We have all rallied behind this project because we understand what it will mean for our community – from jobs to tax revenues to quality of life."
