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Colonial Downs to be sold

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January 14, 2008 Send To A Friend  | Print View

Jacobs Entertainment Inc., the owner of Colonial Downs in Virginia, has announced in a press release that it plans to sell the racetrack as well as its nine off-track wagering facilities in that state.

 

In the release, Jacobs Entertainment stated the reason behind the sale is because Colonial Downs does not have expanding gaming.

 

"Colonial Downs has always been an artistic success, and in recent years it has experienced economic improvement as well. Unfortunately, we have been unable to secure the tools necessary to allow us to grow live racing in Virginia to its full potential," said Entertainment CEO Jeff Jacobs.

 

"The vast majority of the racetracks in America that maximize the potential and quality of live racing are those that feature gaming opportunities in addition to pari-mutuel wagering,” Jacobs added. “These opportunities include poker, class III gaming and instant racing. Jacobs Entertainment and affiliated entities are currently the largest shareholders in MTR Gaming Group, Inc. ("MNTG"), the owner of several pari-mutuel facilities featuring poker as well as class III gaming. We recognize the macro trends and what is necessary to bring about growth in this industry."


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