After a delay of nearly six years, the racino will be the first at an Illinois track.
The Illinois Gaming Board, rapidly and with a public expression of excitement, has approved the transfer of ownership of FanDuel Sportsbook and Horse Racing to new ownership which plans to build out and open a casino before the 2025 Kentucky Derby (G1).
The IGB action Oct. 24 provides a go-ahead to start work on a temporary facility, due on line early in the second quarter of 2025, with a larger, permanent casino to follow. The track, formerly Fairmount Park, is in Collinsville, Ill., across the Mississippi River from St. Louis.
Racetrack casinos were authorized by a 2019 state gaming expansion law, with high expectations they would quickly begin generating substantial new purse revenue and a steady flow of taxes for state and local governments.
Instead, Arlington International Racecourse declined to apply for a license and later was closed and sold by its owner, Churchill Downs Inc. Hawthorne Race Course gutted its grandstand in preparation for a casino but has not moved ahead with construction. And FanDuel's plans stalled until Accel Entertainment Inc. agreed in July 2024 to acquire the facility.
Accel said it will invest $85 million-$95 million in casino construction and "modest track improvements." By law, a percentage of adjusted gross revenue from the casino operations will be earmarked for the track's purse account -- expected to be a major shot in the arm for the struggling Illinois industry. The law also requires investment in backstretch improvement.
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Accel executives, IGB officials and horsemen praised the quick progress.
"I'm thrilled there's some movement on this," said IGB chairman Charles Schmadeke. "It's been a long time coming."
"I very much agree," added board administrator Marcus Fruchter. "I'm pleased to see it's moving forward."
Zelletta Wyatt, newly hired by Accel as general manager of the casino-track operation, 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 attended races at Fairmount.
"I have 10 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, added congratulations to downstate horsemen and a hope for action in the Chicago area.
"On behalf of the ITHA, a hearty congratulations go out to the horsemen in Collinsville. It is said that good things happen in bunches. Let's hope the Fairmount racino is a harbinger of another racino being built at Hawthorne."
The Illinois Racing Board approved the ownership switch at its September meeting and agreed to award 2025 racing dates to the downstate track similar to those raced in 2024.
The IGB waived its "two-meeting rule" to give the Accel team the preliminary go-ahead for the casino. The ownership still must go through two more formal steps before being fully licensed but, barring surprises, should be on target to spin the wheels and toss the dice in April of 2025.