Retama Park

Retama Park is a class 1 pari-mutuel horse racetrack located in Selma, Texas, United States, that opened in 1995. Live quarter horse races meet July to September. Simulcast racing is shown year-round. The track is owned by the Retama Development Corporation (a quasi-governmental entity formed by the City of Selma) and managed by Penn Entertainment.

Retama Park
LocationSelma, Texas
Owned byRetama Development Corp.
Operated byPenn Entertainment
Date openedApril 7, 1995
Race typeThoroughbred and Quarter Horse
Course typeDirt and turf
Official website

History

The Retama Development Corporation was formed in the early 1990s to issue bonds to finance the track's construction and to act on behalf of Selma to oversee the racetrack's construction and operations.[1] Retama Park held it first race on April 7, 1995, 1 and 1/2 years behind schedule.

Retama park last raced thoroughbreds in 2020 and in 2021 had a 20 day quarter horse meet. In 2023 they planed to have a 23 day QH meet starting June 29th but were forced to cancel due to (a critical power outage, resulting in the park’s cancellation of evening horse races, as well as races scheduled for the following day.) On June 5th, Amy Cook of the Texas Racing Commission sent Retama’s management a notice of unsafe conditions and a list of matters to address before they resumed live racing. On July 18th, Cook sent the following letter, allowing live racing to resume. “We are confident that the Penn Entertainment, the racetrack association managing Retama Park, is committed to compliance with the Texas Racing Act, and the safety of the betting public and racing industry participants.” Retama ended up completing a 23 day QH meet from July 19th to September 2nd. https://static1.squarespace.com/static/61f1f682f08bd15f1e6a2d9f/t/64e3ad1ecfbae70a0ec5ecb6/1692642590375/2023_07_18+TXRC+Release+%28Live+Racing+Resumes+at+Retama+Park%29.pdf

Financial problems

Retama Park has never turned a profit. The RDC filed for Chapter 9 bankruptcy protection in March 1996. Call Now, Inc., a publicly-traded long-distance phone company bought over 90% of the bonds issued for construction of the track and allowed the track to emerge from bankruptcy and continue operation. Call Now failed in 2011, and the track was in danger of foreclosure from Call Now's creditors but was granted a forbearance instead. In 2013, Pinnacle Entertainment purchased a 75.5% equity stake in Retama Partners, Ltd., the owner of the racing license for Retama Park, for $22.8 million, averting another bankruptcy filing for the RDC.[1] Pinnacle also took over operations of the track under a management agreement with the RDC.[2]

In 2018, Penn National Gaming (now Penn Entertainment) acquired Pinnacle and assumed management of the track.[3][4]

References
  1. Danner, Patrick. "Little-known Miami businessman emerges as key figure in Retama woes". San Antonio Express-News. Hearst Communications Inc. Retrieved 5 February 2017.
  2. Bailey, W. Scott (January 30, 2013). "Pinnacle Entertainment buys majority interest in Retama Park". San Antonio Business Journal. Retrieved 2018-10-16.
  3. "Meeting minutes" (PDF). Texas Racing Commission. August 14, 2018. pp. 44–51. Retrieved 2018-10-16.
  4. Prince, Todd (October 15, 2018). "Penn National Gaming completes $2.8B acquisition of Pinnacle". Las Vegas Review-Journal. Retrieved 2018-10-16.

29.585°N 98.315°W / 29.585; -98.315

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