Plan for horse track in Corbin takes ‘big step’ forward

It’s looking all but certain now that Corbin will be the location for a “first class” quarter horse racing facility, operated by Keeneland, following a meeting of the Kentucky Horse Racing Commission Tuesday afternoon.

The commission approved a “change in control” agreement that would allow Keeneland to purchase “membership interests” in Thunder Ridge harness track in Prestonsburg and essentially move it to Corbin, reinventing it as a racing venue for quarter horses. The facility planned for Corbin has not yet been given and name.

Dick Brown, a spokesman for the Kentucky Horse Racing Commission (KHRC), said Tuesday’s unanimous vote by the board will allow Keeneland to take over control of Thunder Ridge, and more importantly, its license to operate a horse racing track in Kentucky.

“Control of the entity goes to Keeneland, but the commission will still have to approve the change of location of the physical track itself,” Brown said. “It’s the first big step forward in the process.”

Vince Gabbert, Vice-President and Chief Operating Officer at Keeneland, made a presentation to the KRHC during Tuesday’s meeting outlining future plans for development of the Corbin facility. He said he hopes to begin construction of the facility by this time next year, and have it open by 2016.

“We want to have 10 to 15 days of live racing a year. We are looking at doing something like every other weekend during the summer months … try to make it a festival type atmosphere and really give people something to look forward to,” Gabbert said.
“We really want to focus on having quality racing at the facility as opposed to quantity just like we do here at Keeneland.”

Keeneland initially planned to partner with Las Vegas-based Full House Resorts on the purchase, but that alliance hit a snag when officials with the Kentucky Horse Racing Commission cast doubts on the chances for the plan’s approval if Full House was involved.

Gabbert said in October that the track planned to complete the purchase without a partner, if necessary, but wasn’t ruling out other partnerships. At Tuesday’s meeting, however, it appeared as though Keeneland was carrying through with the transaction on it’s own.

Corbin Mayor Willard McBurney praised the KRHC’s vote, and noted that development of the track in Corbin would have huge economic implications for the area.

“This would be a big economic boost for the whole area, not just Corbin,” McBurney said. “It certainly is good news they have approved for this to go forward. There’s not a day goes by that I’m not asked about that horse track. Everyone is enthusiastic about it. It has created a lot of excitement.”

Corbin City Manager Marlon Sams echoed McBurney’s sentiments, saying the city is currently on a positive developmental arc at the moment.

“There are a lot of interesting and exciting things happening in Corbin like the revitalization of our downtown, new businesses and industry and this quarter horse track,” Sams said. “The economic impact of a track like that would be enormous.”

Keeneland officials have said the facility would include a track and grandstand, barns, a sales pavilion and ample area for simulcast betting and “instant racing” machines. Instant racing allows bettors to wager on simulated races based on real historical race data, and pick the order of the top finishers. Payoffs are also determined by timing – bettors may be playing different races, but the wagers are lumped into the same pool and the player who hits first receives the highest payoff. Currently, two Kentucky tracks, Ellis Park in Henderson and Kentucky Downs in Franklin, offer instant racing. The Kentucky Horse Racing Commission determined in 2010 that instant racing was legal, but it has been embroiled in numerous court battles.

Planners are hoping to tap into the Tennessee market going south to Knoxville. Tennessee allows no form of gambling other than a state lottery.

Gabbert said the track planned for Corbin would have at least 500 to 700 instant racing machines, even larger than instant racing offerings at Kentucky Downs which has a handle of roughly $20 million a month.

While the track would not be multi-use, the facility itself could be used for other types of events. Gabbert said it would be open year-round for “full-card” simulcasting of thoroughbred racing and instant racing.

“Our long-term goal is to really make this a destination place. We would like for it to be a nice hub for the quarter horse breed.”
Activities at the track would also include roping and barrel racing

There are no quarter horse tracks currently in operation in Kentucky, though The Red Mile, in Lexington, has offered quarter horse racing on occasion.

No number of potential employees has yet been announced, but Corbin Mayor Willard McBurney said it could employ between 400 and 600, fluctuating as activity at the track ebbs and flows.

Bruce Carpenter, Executive Director of the Corbin Economic Development Agency, said he estimates the track could result directly in “several hundred” jobs, but calls the ripple effect even more significant.

“Anytime you have this type of project, it produces growth on the commercial end and the retail end. These things go hand in hand,” Carpenter said. “I can say there has been an increased number of inquiries from some commercial developments after stories appears in the Lexington Herald-Leader about the track locating in Corbin.”

While no one associated with the proposed track has divulged its definite location, its fairly common knowledge that the most probable spot is on 149 acres in the Corbin Tri-County Industrial Park, located off the Corbin Bypass in the Knox County portion of the city. A for-profit, Limited Liability Company called Willow Creek Farms first purchased a six-month option on 149 acres in the industrial park last year and has since renewed that option twice. Before any of the park’s land could actually be sold, the intended use of the land would have to be publicly revealed to the Corbin Tri-County Industrial Authority.

Gabbert said Tuesday that Keeneland has “two or three” potential locations in mind for the track, but seemed resolute that it would be located in Corbin.

“The local government there has been very welcoming and I think the community itself would embrace this,” he said. “Its location right along I-75 is a good fit for what we are trying to achieve.”

The purchase agreement for Thunder Ridge is expected to be complete within 90 days. Gabbert said the application for relocation of the track to Corbin will proceed “at whatever pace the Horse Racing Commission will allow.”

Quarter horse racing is different from thoroughbred or harness racing in that it is often considered the “drag racing” of equine sports. Quarter horse tracks are straight with no turns. Track design dictates how many horses can race, with eight to 10 horses in a typical field. Races are usually 350 to 440 yards in length and the horses cover the distance in a scant 17 to 21 seconds.

According to Rich Wilker, a member of the Quarter horse National Racing Committee, horses start racing at two-years-old and can run up until about nine years. Male and female horses all race together since distance and size are rarely factors.

The equivalent of the Kentucky Derby of quarter horse racing is the All American Futurity run on Labor Day at Ruidoso Downs in New Mexico — a race with a $2.5 million purse. “Challenge” races similar to the Breeder’s Cup are also held and Wilke said Corbin would be a good spot to host some challenge races.

The closest quarter horse tracks to Corbin are located in Iowa and Louisiana.