Retama Park
| Location | Selma, Texas |
|---|---|
| Owned by | Retama Development Corp. |
| Date opened | April 7, 1995 |
| Race type | Thoroughbred and Quarter Horse |
| Course type | Dirt and turf |
| Official website | |
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 June to August and live thoroughbred races meet September to November. Simulcast racing is shown year round.
History
Retama Park is owned by the Retama Development Corp. (RDC), a quasi-governmental corporation formed by the City of Selma 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.
Financial problems
Retama Park hasn’t turned a profit in more than 20 years of operations. 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]
References
- 1 2 Danner, Patrick. "Little-known Miami businessman emerges as key figure in Retama woes". San Antonio Express-News. Hearst Communications Inc. Retrieved 5 February 2017.
External links
Coordinates: 29°35′06″N 98°18′54″W / 29.585°N 98.315°W