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.
The Virginia Racing Task Force believes it will obtain a loan to fund purses for the proposed spring-summer meet at Colonial Downs this year, but regulators are concerned there won't be enough money or horses to support the plan.
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