by The Illinois Gaming Board approved the ownership transfer quickly and with a public expression of enthusiasm FanDuel sports betting and horse racing to a new owner who plans to build and open a casino before the 2025 Kentucky Derby (G1).
The October 24 IGB action gives the green light to begin work on a temporary facility, scheduled to be operational in the early second quarter of 2025, followed by a larger, permanent casino. The track, formerly Fairmount Park, is located in Collinsville, Illinois, across the Mississippi from St. Louis.
Racetrack casinos were authorized by a 2019 state gambling expansion law with high expectations that they would soon generate significant new revenue and a steady stream of taxes for state and local governments.
Instead, Arlington International Racecourse declined to apply for a license and was later closed and sold by its owner, Churchill Downs Inc. Hawthorne Race Track gutted its grandstand in preparation for a casino, but did not move forward with construction. And FanDuel’s plans stalled until Accel Entertainment Inc. agreed to take over the property in July 2024.
Accel said it would invest $85 million to $95 million in casino construction and “modest track improvements.” By law, a percentage of adjusted gross revenue from casino operations is set aside for the racetrack’s cash account – which should be a big win for Illinois’ struggling industry. The law also requires investments in improving back extension.
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Accel executives, ITUC officials and riders praised the rapid progress.
“I am pleased that something is moving here,” said IGB chairman Charles Schmadeke. “It took a long time.”
“I completely agree,” added CEO Marcus Fruchter. “I’m happy that things are moving forward.”
Zelletta Wyatt, newly hired by Accel as general manager of casino track operations, said while her professional background is in the casino industry, racing and Fairmount are in her blood. She grew up in the St. Louis area and competed in fairmount races.
“I have ten grandchildren and I’m looking forward to taking the family to the races at Fairmount Park,” she said after the IGB approval.
Chris Block, president of the Illinois Thoroughbred Horsemen’s Association, congratulated the downstate riders and hoped for action in the Chicago area.
“On behalf of ITHA, our warmest congratulations go out to the riders in Collinsville. They say good things happen in masses. Let’s hope the Fairmount racino is a precursor to another racino being built in Hawthorne.”
The Illinois Racing Board approved the ownership change at its September meeting and agreed to award racing dates for the downstate track in 2025 similar to those in 2024.
The IGB waived its “two-meet rule” to give the Accel team the preliminary green light for the casino. The owner still has two more formal steps to go through before receiving the full license, but barring any surprises, should be on track to spin the wheels and roll the dice in April 2025.
