The Virginia Racing Commission has approved a request that would allow Colonial Downs to become a guarantor of the debt of its parent company, Gameco. The proposal is part of a long-range plan that increases the purse of the Virginia Derby to $500,000 for at least three years.
The purse for the Virginia Derby at Colonial Downs could rise to as much as $500,000 from $200,000 based on a plan presented to the Virginia Racing Commission March 20.
Colonial Downs reported to the Virginia Racing Commission on Wednesday that the plan to privatize Colonial Downs was approved Jan. 10 by shareholders of the company that owns the Virginia track and its off-track betting facilities.
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