Rosie’s Gaming Emporium reopened its doors July 1, 2020. Since then, it’s been back offering up its historic horse racing gaming technology to hundreds in facilities across the state. Staff file (Rob Ostermaier / Daily Press)
When thoroughbred racing returns to Colonial Downs on July 19, the people who place bets on the successful horses won’t be the only winners.
The prospect of a summer full of races and the return of the crowds post is a win-win for the economy of New Kent and Virginia as a whole.
Rosie’s Gaming Emporium reopened its doors July 1, 2020. Since then, it’s been back offering up its historic horse racing gaming technology to hundreds in facilities across the state. Staff file (Rob Ostermaier / Daily Press)
Rosie’s Gaming Emporium reopened its doors July 1, 2020. Since then, it’s been back offering up its historic horse racing gaming technology to hundreds in facilities across the state.
“This is our biggest business and one of our larger employers,” Hathaway said of Colonial Downs. “Definitely as far as tax revenue.”
“We are excited that things are getting back to normal for Colonial Downs,” Hathaway said. He said the new owners of the racetrack, Peninsula Pacific Entertainment, are very dedicated to horse racing and community-oriented.
Hathaway said the reopening of Colonial Downs in 2019 after five years of closure has also helped other county businesses.
“One of the great things about Colonial Down is they have brought back the Virginia Derby. We are excited about the Virginia Derby event at the end of August,” Hathaway said. “It not only showcases New Kent, it showcases the whole commonwealth.”
Hathaway said the new owners of Colonial Downs want to grow the Virginia Derby to make it “one of the premier events in the country.”
Escort horses walk around on the dirt track at Colonial Downs Aug. 8, 2019. After a six year hiatus horse racing resumed at the track. (Rob Ostermaier / Daily Press)
The lucrative nature of Colonial Downs and Rosie’s Gaming Emporiums is apparent in the financials for just one month — May 2021.
Rosie’s and Colonial Downs representative Mark Hubbard said the enterprise paid $776,604 in taxes to New Kent County in May and just less than $2 million to the state of Virginia. Wagers made at all Rosie’s Gaming Emporiums in Virginia in May 2021 totaled more than $257 million. Almost $46 million was made in wagers in New Kent County alone. More than $237 million was paid out in prizes the same month.
“These numbers are relatively consistent month to month,” Hubbard said. “Our pledge to bring lots of entertainment and fun along with good jobs and significant tax revenues to Virginia and its localities where we operate is being met.”
Jill Byrne, vice president of racing at Colonial Downs, said race days attract about 3,000 people on an average day. The purse for the new season will be a minimum of $500,000 a day.
“It has a big effect, having racing back. If we have over 850 horses stabled back here and trainers coming from all over the country, it will benefit grocery stores and everyone in the local economy,” she said. The racecourse will employ about 200 seasonal workers this year.
The continued development of Colonial Downs could mean even greater future revenues for New Kent and Virginia.
A consultants’ report prepared in 2018 by Richmond-based Chmura Economics & Analytics predicted the venue could generate almost $350 million a year in economic impact.
“The successful revitalization of Colonial Downs could generate $349.1 million in economic impact in Virginia, and support over 1,407 state jobs in 2022 when the operation reaches its full capacity. Colonial Downs operations would also result in $26.4 million in annual tax revenue for the state government, and additional tax revenue for New Kent County and other Virginia localities. In addition, it would contribute $18.0 million per year to Virginia’s horse industry,” the report stated.
David Macaulay, davidmacaulayva@gmail.com