Fairmount Park bets big on sports wagering. Will Illinois let it become a ‘racino’?
Fairmount Park could attract a new set of customers this season if the state approves sports betting at the racetrack under expanded gambling laws.
In fact, the Collinsville racetrack, which begins the new season Tuesday, is counting on it.
Managers expect to run up a deficit of $2 to 3 million, the upfront cost of expanding from 40 to 60 racing days. The plan is to use money from sports betting to get out of the red. The track would get a percentage of each bet placed.
But that money won’t start coming in until the state grants a sports betting license to Fairmount, said president Brian Zander. He hopes that will happen early this summer.
The Illinois Gaming Board has granted licenses to three casinos so far: Argosy Casino in Alton, Rivers Casino in Des Plaines and Grand Victoria Casino in Elgin. Gamblers there will be able to bet on sports events such as the upcoming NCAA “March Madness.”
At Fairmount, existing simulcasting centers could be converted into sports betting rooms at little cost and there’s plenty of space for casino-style games. Those options are an appealing source of revenue as managers begin tentatively planning for construction of a $50 million casino on Fairmount property.
Turning Fairmount into a “racino” could give it year-round appeal as a “local entertainment destination for gaming,” Zander said.
But not everyone is excited about the potential.
Bette Conkin, 69, and her husband, Pat Hindman, 71, visited the track Friday. The retired couple from Shorewood near Joliet enjoy traveling around the state to gamble.
“The casino is supposed to boost the purses and increase the quality of the races,” Hindman said. “But once they start the casino, they get more power hungry and start to cut horse racing.”
Conkin said Fairmount’s aging facilities need an upgrade, but she hopes “the horses are protected” from being overshadowed by a casino or sports betting. The track was established in 1925 and some of the buildings date back to the 1970s.
Competition for a new casino license will be fierce, Zander said. Illinois’ new law only allows six new casinos in addition to legalizing sports betting. Chicago Mayor Lori Lightfoot has pressured Gov. J.B. Pritzker to adjust burdensome tax rates for a new casino there. Economically distressed communities are vying for a license, as well.
The racetrack isn’t the only entity counting on new revenue. The governor’s $45 billion Rebuild Illinois infrastructure plan depends on a 15% tax on sports betting.
Zander said he believes Fairmount will attract visitors from Central Illinois in addition to the metro-east and Southern Illinois if the state approves their sports betting application.
“They could go to horse racing one day, stay in the area and then go to the Cardinal game the next day,” Zander said.
