“Colonial Downs has always been an artistic success, and in recent years it has experienced economic improvement as well. Unfortunately, we have been unable to secure the tools necessary to allow us to grow live racing in Virginia to its full potential,” Jeff Jacobs, CEO of Jacobs Entertainment, said in a press release.
The sale of Colonial Downs will be handled by Libra Securities, which specializes in the sale of small and medium-sized gaming properties.
Colonial Downs is the home of the $1 million Virginia Derby, which is still scheduled to run July 19.
Any change in ownership is not expected to have an effect on the gaming going on at the off-track betting site in Weber City, said Colonial Downs spokesman Kyle Fitzgerald.
Based in Golden, Colo., Jacobs Entertainment is the owner and operator of The Lodge Casino and the Gilpin Casino in Black Hawk, Colo.; the Gold Dust West-Reno Casino in Reno, Nev.; the Gold Dust West-Carson City Casino in Carson City, Nev.; the Gold Dust West-Elko Casino in Elko, Nev.; and 17 truck plaza video gaming facilities located in Louisiana.