Harrah's Reveals Proposal for Race Track in Nebraska, $75M Casino Project in Columbus
Harrah's is set to establish a casino in Nebraska, specifically at the Ag Park facility in Columbus, following the community's horse racetrack. This announcement comes from Columbus Exposition and Racing (CER), who have chosen Harrah's and its parent company, Caesars Entertainment, to construct and manage the casino.
Caesars aims to invest $75 million for property renovation, incorporating a small casino with 400 slot machines and about 20 table games, a sportsbook, restaurant, and retail space. The venue is expected to open in late 2022.
Tom Jackson, CER's managing partner, insisted that Harrah's was chosen due to its popular brand image and a trusted history of operating regional casinos.
Nebraska voters approved a ballot referendum last November, legalizing commercial casino gambling at the state's six horse racetracks.
Multi-Million Dollar Racing Revival
Three tracks – Lincoln Race Course, Horsemen’s Park in Omaha, and Atokad Downs in South Sioux City – have partnered with WarHorse Gaming for their casinos. WarHorse, a Ho-Chunk Inc. and Winnebago Tribe of Nebraska subsidiary, plans to invest $220 million in the Lincoln casino alone.
Fonner Park has chosen Elite Casino Resorts for its development, having owned and operated three gaming properties in Iowa.
Revenue from the horse racetrack casinos will face a 20 percent tax, of which 70 percent will be directed to the state’s Property Tax Credit Cash Fund, 5 percent to the Compulsive Gamblers Assistance Fund and General Fund, while the remaining 25 percent will stay within the casino's local county.
Harrah's $75 million plan pales in comparison to some of the other announced Nebraska casino projects.
Columbus is a smaller town, derived its name from Columbus, Ohio, as early settlers relocated to Nebraska, planning for it to be on the transcontinental railroad's route.
The horse racing industry is dwindling across the nation, with numerous tracks now closed. However, Nebraska has long been a racing supporter, and voters hope that bringing casinos to the struggling tracks will rejuvenate the sport. Greater spectator numbers should lead to larger purses and more race days.
Harrah's plans to resurface the racetrack's one-mile horse track, an expense covered within their $75 million budget.
Sports Betting Aspect
Nebraska Governor Pete Ricketts (R) signed legislation in May that permits sports betting. Both tribal and commercial casinos, along with horse racetracks, can apply for a retail sportsbook license.
Mobile betting and wagering on college sports involving Nebraska schools are not allowed. The GGR from sports betting will be subject to a 20 percent tax.
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