Illinois Racing Board approves Accel Entertainment's acquisition of FanDuel Sportsbook and Horse Racing (formerly Fairmount Park), marking a significant development in Illinois' horse racing and gambling industry. This signifies Accel's key move into the thoroughbred sector, with plans announced to open a temporary casino before the 2025 Kentucky Derby.
Collinsville Racetrack Renovation Plans:
Accel Entertainment acquired the racetrack in Collinsville, Illinois, for approximately $35 million, marking its first investment in the thoroughbred industry. The gaming company is not stopping at mere acquisition; it is also allocating an additional $85-95 million for the construction of temporary facilities and a permanent casino, as well as moderate improvements to the racetrack itself. According to Accel executives, this includes necessary maintenance and improvements, focusing on infrastructure and safety upgrades.
As reported by Bloodhorse, Mark Phelan, President of Accel's US gaming operations, stated in a presentation to the Illinois Racing Board: "We are very humble about what we are going to do here," emphasizing the company's commitment to enhancing facility standards and operations.
The temporary casino is awaiting further approval and is expected to occupy existing buildings on the site, featuring about 200 slot machines and four to six gambling tables. Plans for a larger-scale permanent casino are also in the works, promising a broader range of gambling options.
Furthermore, Accel has committed to providing $5 million in bonuses by 2025 to enhance the quality of horse racing for stakeholders and fans. "We are working to improve the overall quality of horse racing for horse owners, trainers, and fans, to support Illinois' horse industry and comply with state laws," Phelan added.
Community and Economic Outlook:
This acquisition not only signifies the growth of Accel Entertainment but also brings significant economic benefits to Southern Illinois and the Greater St. Louis area. Collinsville Mayor Jeff Stehman expressed optimism about the project's potential to drive economic growth and create job opportunities along the Collinsville Road corridor.
With Accel Entertainment undertaking this ambitious project, their strategic vision now extends beyond expanding gaming facilities. The company is actively collaborating with local and state stakeholders to ensure that development aligns with community interests and supports broader economic and social goals. This collaboration is expected to create a thriving environment benefiting both the gaming and horse racing industries, while also contributing to Illinois' agriculture and horse industries. Accel's initiatives demonstrate their commitment to community development and their key role in revitalizing local entertainment and sports industries.
Conversely, progress at Hawthorne Race Course seems to be at a standstill, with demolition work beginning in 2019 after receiving state government approval to establish a racetrack. Tim Carey, President of Hawthorne, mentioned that the racetrack is in the final stages of securing casino financing, with the local horse racing community eagerly anticipating this development.
The Illinois Racing Board has also approved the 2025 racing schedule, dividing the season into thoroughbred and harness racing, ensuring a comprehensive racing calendar that meets all aspects of equestrian sports.
