Racetracks (U.S.) — NAICS 711212

A Histometrics industry primer for public- and private-market investors.

1. Overview

A racetrack is a live-events business built around a single expensive asset — an oval, a road course, or a dirt/turf strip — that earns most of its money on a handful of race days a year. In the United States the category spans three very different animals: horse racing (thoroughbred and harness), auto racing (from NASCAR superspeedways to local dirt short tracks), and a nearly extinct greyhound business. The North American Industry Classification System (NAICS) code 711212 covers establishments primarily engaged in operating these tracks — but only those not combined with a casino [1].

The thing to understand before anything else: the investable business is much broader than the racecourse. Surviving operators have quietly become gaming, media, and real-estate businesses, earning far more from slot-like machines, television-rights checks, marquee events, and developable land than from the wagering that gives the industry its name. Traditional pari-mutuel betting on horses has shrunk for decades; the money has migrated to everything wrapped around the track. That gap between the declining "racing" story and the growing "entertainment/gaming" reality is the central fact of the industry.

Ways to participate differ sharply by segment. Public-market access runs mostly through diversified gaming companies and a couple of real-estate landlords, with only one large operator whose identity is genuinely a racetrack (Churchill Downs) and one small, relatively focused public play (Canterbury Park). The biggest auto-track operators — NASCAR (which now owns the former International Speedway Corporation tracks) and Speedway Motorsports — are private, family-controlled companies [14][15]. Everything else is a mix of casino operators that hold racing licenses, nonprofit racing associations, tribal enterprises, state fairgrounds, and owner-operated local tracks.

2. What it is and how it's structured

In scope (711212): establishments primarily engaged in operating racetracks, often also promoting the races held there — auto, horse, dog, motorcycle, drag, and snowmobile racing — where the track is not combined with a casino [1].

A racetrack operator typically controls some combination of: a racing license, a race calendar, and a venue; pari-mutuel wagering (bets are pooled and winning tickets share the pool after deductions); simulcast and online-wagering relationships; sponsorship, media, admissions, premium seating, and concessions; gaming, hotels, and restaurants where permitted; and adjacent land available for development.

Explicitly excluded — and this shapes the numbers:

• Owners and trainers of the racing participants (the cars, dogs, and horses) and independent racing athletes → NAICS 711219 (Other Spectator Sports) [1].
• Sports teams and clubs → NAICS 711211; sports/event promoters → NAICS 711310 [1].
• Casinos without a hotel (with or without a racetrack) → NAICS 713210; casino hotels (with or without a racetrack) → NAICS 721120 [1].
• Other gambling industries, including some off-track and online betting → NAICS 713290; equine (horse) production → NAICS 112920 [1].

That casino pair is the key structural fact. When a track adds enough gaming that the casino becomes the primary business — a "racino" — the establishment is usually reclassified out of 711212 into the casino codes (713210/721120), and its slot, hotel, and online-betting revenue is counted there too [1]. So the fastest-growing, highest-revenue racing venues in America are largely counted somewhere else.

Ownership is unusually varied for a small industry:

• Public gaming companies holding racing licenses: Churchill Downs, PENN Entertainment, Caesars Entertainment, Boyd Gaming, Bally's [6][7][8][9][10].
• Real-estate landlords (REITs): Gaming and Leisure Properties and VICI Properties own racino/racetrack real estate leased to operators — they are landlords, not racing operators [12][13].
• Private family holding companies: NASCAR / the France family (auto), Speedway Motorsports / the Smith family (auto), The Stronach Group / 1-slash-ST (thoroughbred), Penske (Indianapolis Motor Speedway) [14][15][16][28].
• Nonprofit and quasi-public bodies: the New York Racing Association (NYRA — Belmont, Saratoga, Aqueduct) and Keeneland in Kentucky [17][18].
• Hundreds of small owner-operators, county fairgrounds, tribal enterprises, and municipalities running local short tracks and ovals.

3. How big it is

Our ground-truth federal statistics for NAICS 711212. These are reported statistics, not estimates or forecasts, and the establishment/employment figures (County Business Patterns, or CBP, 2023) come from a different dataset and year than the receipts/concentration figures (Economic Census, 2022), so the two sets should not be read as a one-for-one snapshot [2].

Read the concentration figures carefully. The top 4 firms take ~39% of revenue and the top 50 take ~93%, yet the HHI of 570 is well below the 1,500 threshold economists treat as "moderately concentrated" [2]. The reconciliation: a handful of large operators sit atop a long tail of tiny tracks. Roughly the top eight firms run more than half the revenue, but no single firm dominates. HHI signals concentration only — it says nothing about profitability or investment quality.

The undercount here is large, in two directions. First, as noted, racinos where gaming is the primary business are classified under the casino codes, so the ~$7.98 billion captures standalone tracks but misses the biggest gaming-driven venues [1]. Second, CBP covers only employer establishments with paid employees; it excludes the self-employed, businesses without employees or an employer identification number, and most government operations [3]. The industry has a very long tail of exactly those: directories list more than 1,200 U.S. racetracks of all types and over 700 dirt ovals alone, many of them county fairgrounds, nonprofits, tribal enterprises, or weekend owner-operated businesses below meaningful revenue thresholds [27]. So 525 establishments and ~$7.98 billion should be read as a floor on the industry's true footprint. The federal file also does not report wagering handle, attendance, live-race days, venue utilization, margins, cash flow, capital expenditure, or debt — none of which should be inferred from what is here.

For a sense of the wagering flows that federal receipts do not capture: U.S. pari-mutuel horse-racing handle (money bet, not track revenue) was $11.26 billion in 2024, down ~3.35% year over year [21].

4. The investable universe

Public exposure is thin and mostly indirect. There is no longer a pure-play public auto-racetrack stock — both major operators went private in 2019 [14][15]. Tickers below are for reference; valuation, yield, and share-price discussion is reserved for §10.

Public companies (selected, not exhaustive)

Major private, nonprofit, and closely held owners

• NASCAR / the France family (auto) — Daytona, Talladega, Homestead-Miami, and ~12+ tracks; folded in the former International Speedway Corporation (ISC) tracks via a ~$2 billion 2019 buyout [14].
• Speedway Motorsports / the Smith family (auto) — Bristol, Charlotte, Texas, Las Vegas, Sonoma and more (11 tracks, ~885,000 seats); left the NYSE in a 2019 take-private [15].
• The Stronach Group / 1-slash-ST (thoroughbred) — Santa Anita, Gulfstream Park, Pimlico (home of the Preakness); the largest private thoroughbred operator [16].
• Penske Corporation / Penske Entertainment — Indianapolis Motor Speedway and the IndyCar platform [28].
• New York Racing Association (NYRA) — Belmont, Saratoga, Aqueduct under a state franchise; nonprofit, not investable [17].
• Keeneland Association — privately held, not-for-profit racing and horse-sales organization [18].
• Other closely held operators — Oaklawn (Arkansas), Tampa Bay Downs, and Delaware North's Finger Lakes Gaming & Racetrack (New York), among many local and fairground tracks that occasionally change hands.

Bottom line for public-market investors: Churchill Downs is the only large-cap whose identity is a racetrack, and even it now earns most of its profit from gaming. Canterbury Park offers a small, more direct read on a single track. The other listed names give you incidental racing exposure buried inside a gaming thesis, or landlord exposure through a REIT. Elite auto racing and elite thoroughbred racing are private-market or nonprofit territory.

5. How the money works

Every operator lives with the same brutal fact: the physical plant costs money 365 days a year and earns it on very few of them. Owners solve that with a stack of revenue lines, and the mix differs sharply by segment.

Pari-mutuel wagering and "takeout" (horse and dog racing). All wagers on a race go into a pool; the track deducts a "takeout" (typically ~15–25%, set by state regulators) to fund purses, taxes, wagering partners, and its own margin, then divides the rest among winners [19]. Track revenue is therefore takeout × handle — not the handle itself. Because handle has fallen for decades, takeout on live betting is a shrinking base.

Advance-deposit and simulcast wagering. Most horse-racing bets today are placed remotely through advance-deposit wagering (ADW) platforms and simulcast to other tracks and off-track sites, not at the physical rail; host tracks collect fees on those bets. Online convenience expands the audience but also loosens the venue's grip on the customer [6].

Gaming — the real engine (the racino model). This is where modern horse racing actually earns. Starting in the 1990s, states let struggling tracks add slot machines, video lottery terminals (VLTs), and later historical horse racing (HHR) machines — slot-like devices that pay out based on the results of previously run, anonymized races [19]. The economics are transformative: studies of North American racinos found gross purses jumping over 100% after slots arrived, even as live pari-mutuel handle typically fell 20–40% once the machines appeared [19]. HHR alone is enormous — Kentucky's HHR handle was $6.8 billion in fiscal 2022 [19]. Churchill Downs is the clearest example: in 2024 its "Live and Historical Racing" segment produced $574.6 million of adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) and its Gaming segment another $506.9 million — together the overwhelming majority of the company's ~$1.2 billion total, with traditional live-race wagering a minor contributor [5].

Media rights (auto racing). For the top auto tracks, television and streaming money dwarfs ticket sales. NASCAR's media-rights deal for 2025–2031 is worth $7.7 billion over seven years (about $1.1 billion a year including the Xfinity Series), roughly a 40% step-up from the prior contract, split among Fox, NBC, Amazon Prime Video, and Warner Bros. Discovery's TNT [20]. A meaningful share flows to the tracks that host races — which is exactly why controlling the tracks (as NASCAR now does post-ISC) is so valuable.

Everything else: admissions and premium hospitality, sponsorships and naming rights, concessions, parking and camping, non-racing events (concerts, festivals), and — for tracks sitting on valuable land — real-estate development. A track's profitability hinges on utilization of its marquee dates: the Kentucky Derby, the Daytona 500, or a track's one big Cup weekend can drive the bulk of an annual result.

The cost base is fixed and asset-intensive: labor, track surfaces, barns, utilities, insurance, security, maintenance, regulatory fees, purses and horsemen agreements, marketing, rent (for leased venues), and recurring capital improvements. Seasonal racing and weather can produce large operating leverage. The most useful operating indicators — handle per race day, attendance, live-race days, field size, online/simulcast mix, gaming volume, sponsorship revenue, maintenance capex, and land-development progress — are absent from the federal data and must be pulled from company filings [2].

6. What drives demand

• Discretionary consumer spending and live-entertainment appetite. Attendance, hospitality, and betting all rise and fall with household finances and confidence [6].
• Marquee-event concentration. A few crown-jewel dates (Derby, Preakness, Belmont; Daytona, Bristol night race) generate outsized revenue and set the industry's public profile. Weather or a scheduling problem on one of them is a real financial event.
• Gaming legalization — the single biggest swing factor. New authorization of HHR, slots, or table games at a track can multiply its revenue; the same legalization elsewhere (a new commercial or tribal casino nearby) can cannibalize it [7][8].
• The wagering ecosystem and competition for the gambling dollar. Legal sports betting and internet gaming (iGaming), now live in most states, compete directly for the bettor's wallet and are widely blamed for pressuring horse-racing handle. Simulcast/ADW convenience cuts both ways — more reach, less venue loyalty.
• Horse and participant supply. Field size and wagering appeal depend on the availability of horses, drivers, trainers, jockeys, and race dates.
• Safety and public trust. Racing integrity, animal welfare, and visible safety improvements shape attendance, sponsorship, regulation, and litigation exposure.
• Real-estate demand and non-racing events. Valuable land and a well-used venue can support the business even when racing alone is weak; demographics run the other way for horse racing, which fights an aging, shrinking fan base while auto racing courts a younger streaming audience.

7. Regulation

Racetracks are among the most heavily regulated recreation businesses in America, on two axes: racing and gambling.

• State racing commissions license each track, approve race dates, set takeout rates, and police the sport. This is the base layer for both horse and (where it survives) dog racing.
• Interstate wagering — federal. The Interstate Horseracing Act of 1978 governs certain interstate off-track and simulcast wagers and generally requires consent from the host racing association and the relevant racing commissions, with horsemen's agreements often part of that process [23].
• Federal thoroughbred oversight — HISA. The Horseracing Integrity and Safety Act created the Horseracing Integrity and Safety Authority (HISA), overseen by the Federal Trade Commission (FTC), which imposes the first national, uniform safety and anti-doping rules on U.S. thoroughbred racing [22]. Its Racetrack Safety Program (with 2024 rule updates) mandates track accreditation, surface testing, expanded veterinary oversight, crop-use limits, and fatality reporting — funded by assessments on the industry, a real and contested cost. HISA does not cover auto, harness, quarter-horse, or dog racing.
• Gaming regulation. Every slot, VLT, HHR machine, and table game sits under a separate state gaming or lottery authority, with its own licensing, tax rates (often 20–50% of gaming revenue), and mandated purse contributions [19]. A track's gaming revenue is only as durable as its license and the tax formula behind it.
• Tribal gaming. Where tribal enterprises are involved, the Indian Gaming Regulatory Act (IGRA), tribal authorities, state-tribal compacts, and the National Indian Gaming Commission (NIGC) add another layer [24].
• Animal-welfare law and greyhound bans. Political and legal pressure has all but ended dog racing: 47 U.S. tracks have closed since 2001, states including Connecticut and Arkansas have enacted prohibitions, only two live greyhound tracks remain (both in West Virginia, tied to casino licenses), and a federal ban has advanced in Congress [25]. Thoroughbred racing faces the same welfare scrutiny over on-track fatalities — the pressure that produced HISA.
• Everything else: zoning, environmental permits, labor, alcohol, anti-money-laundering, advertising, accessibility, and cybersecurity rules. A license is often the essential asset — and can become a liability if renewal, suitability, or political support deteriorates.

8. Competitive dynamics and consolidation

• Competition is mostly local and regional. Tracks compete for bettors, race dates, horses and participants, sponsors, media attention, gaming customers, and discretionary entertainment dollars.
• Horse racing is consolidating amid contraction. Tracks, race days, and total races keep falling, and ownership is concentrating into a short list — Churchill Downs, The Stronach Group/1-slash-ST, and nonprofits like NYRA and Keeneland at the elite end [16][17][18]. Scale plus a gaming license is the winning formula; tracks without gaming struggle.
• Consolidation is often vertical, not just horizontal. A single owner may stack a live-racing venue, historical/electronic gaming, casinos and hotels, online wagering, media and sponsorship rights, and a real-estate platform. Churchill Downs' ~$2.75 billion acquisition of substantially all of Peninsula Pacific Entertainment's assets — including Colonial Downs and Virginia historical-racing venues — is a template for buying racing assets inside a broader gaming/real-estate strategy [26].
• The landlord/operator split matters. REITs (GLPI, VICI) can own the land and buildings while gaming companies operate under long-term leases, producing different risk profiles: landlords emphasize rent coverage, tenant credit, and property value; operators bear the wagering, labor, regulatory, and operating risk [12][13].
• Auto racing is effectively a two-house structure at the top. NASCAR's 2019 purchase of ISC folded the sanctioning body and its biggest tracks into one private company, leaving Speedway Motorsports as the other major operator; together they control most premier NASCAR dates, above a fragmented long tail of hundreds of independent short tracks and drag strips [14][15][27].
• Greyhound racing has essentially been competed and legislated out of existence [25].
• Barriers to entry are high for major venues (licenses, real estate, capital intensity, and — for auto — a sanctioning-body relationship) but low for a local dirt track. That split is why the industry shows both meaningful top-end concentration and a huge count of tiny establishments.

9. Risks

• Regulatory risk. License loss, tax increases, betting restrictions, adverse gaming-policy changes, or unfavorable race-date decisions can impair an otherwise valuable asset.
• Secular decline in core wagering. Pari-mutuel handle has trended down for decades and fell again (~3.4%) in 2024 [21]. The traditional business is shrinking.
• Dependence on gaming subsidies. Modern horse-racing profitability rests on slots/HHR revenue that flows only because state law allows it and directs a cut to purses. A tax change, an adverse court ruling on HHR's legality, or a new competing casino can hit the model hard [19].
• Sports-betting and iGaming cannibalization. The same legalization wave that helped some tracks is now a direct competitor for the gambling dollar.
• Concentration and single-event risk. Results lean on a few marquee dates, tenants, or venues; weather, a safety incident, or a scheduling disruption on one of them is financially material.
• Safety and integrity / animal welfare. On-track fatalities, doping violations, or poor conditions carry reputational, regulatory, litigation, and even existential risk — demonstrated by the near-total elimination of greyhound racing and by HISA's imposition on thoroughbred tracks [22][25].
• Fixed-cost leverage and stranded assets. Tracks require ongoing maintenance and safety spending even when race-day revenue is weak; some are worth more as developable land than as racing venues, an ongoing pressure to close or redevelop.
• Digital disintermediation and financial complexity. Online platforms weaken the physical venue's customer relationship, and public operators bundle racing with casinos, hotels, online gaming, and debt — making track-level performance hard to isolate.

10. How to invest and the outlook

Public-market routes are narrow, and mostly a gaming/real-estate bet. Treat almost every listed name as a diversified gaming, entertainment, or real-estate investment rather than a pure racetrack stock.

• Churchill Downs (NYSE: CHDN) is the only large-cap built on a racetrack, but buyers are getting a gaming-and-entertainment growth company that monetizes an irreplaceable brand (the Kentucky Derby) and a fast-growing HHR machine business far more than a bet on pari-mutuel racing [5][6]. It trades as a growth compounder with a modest dividend, not an income stock.
• Canterbury Park (NASDAQ: CPHC) is the closest to a focused, small-cap read on a single track plus card gaming and land.
• PENN, Caesars (CZR), Boyd (BYD), and Bally's (BALY) carry incidental racing exposure inside a broader gaming story, so racing barely moves their valuations [7][8][9][10].
• GLPI and VICI offer landlord exposure through REITs — returns driven by rent, tenant credit, and property value rather than wagering handle [12][13].
• There is no pure public auto-racetrack equity; that door closed when Speedway Motorsports and ISC went private in 2019 [14][15].

Private-market routes are where most of the real racing assets sit: NASCAR, Speedway Motorsports, the Stronach Group's thoroughbred venues, Penske's Indianapolis Motor Speedway, and — at the small end — a large universe of owner-operated short tracks and fairground ovals [14][15][16][27][28]. Private buyers can pursue direct operating or preferred equity, private credit, sale-leasebacks, ground leases, and development partnerships. Underwriting almost always turns on the same questions: how much revenue and operating income come from racing versus gaming, hotels, online betting, and real estate; how secure are the licenses and gaming rights, and the tax formula behind them; how strong are attendance, field size, race-date allocation, and simulcast/online trends; what are the purse, horsemen, lease, debt, and capex obligations; and what is the land worth without racing. Note that buying a horse, stable, trainer, or racing participant is not the same as owning a racetrack — several of those activities fall outside 711212 [1]. Nonprofit and quasi-public bodies (NYRA, Keeneland) are not investable at all.

The outlook (forward-looking judgment): the industry stays bifurcated. Traditional pari-mutuel racing likely keeps slowly contracting, while the economic center of gravity continues shifting to gaming (HHR/slots) and, for auto racing, to media rights. Destination tracks and racinos with multiple revenue streams, strong licenses, capable management, and valuable land should attract the most capital; standalone tracks without gaming or development optionality face rising pressure from fixed costs, changing habits, and competition for horses and bettors. Near-term drivers to watch: the pace of HHR expansion into new states, the durability of gaming-tax and purse formulas, the ramp of NASCAR's richer 2025–2031 media deal into track economics [20], the reach of HISA's cost and safety regime [22], and whether a federal greyhound-racing ban becomes law [25]. Net: a shrinking sport wrapped around a growing gaming and entertainment business — attractive where an operator controls a marquee asset and a secure gaming license, structurally challenged everywhere else. Public-market returns will often be driven as much by gaming exposure, leverage, rent, and capital allocation as by racing; private returns may offer more asset-level upside but carry greater regulatory, liquidity, operating, and execution risk.

---

Sources

1. U.S. Census Bureau. "2022 NAICS Definition: 711212 Racetracks" (scope and cross-references to 711211, 711219, 711310, 713210, 713290, 721120, 112920). https://www.census.gov/naics/?details=711212&year=2022
2. Histometrics ingested federal statistics — U.S. Census Bureau County Business Patterns (2023) and Economic Census, Concentration (2022), NAICS 711212. Ground-truth statistics file.
3. U.S. Census Bureau. "County Business Patterns: Methodology" (employer-establishment coverage; excludes nonemployers, self-employed, most government). https://www.census.gov/programs-surveys/cbp/technical-documentation/methodology.html
4. U.S. Small Business Administration. "Table of Size Standards," NAICS 711212 ($47 million), 2023. https://www.sba.gov/document/support-table-size-standards
5. Churchill Downs Incorporated. "Reports 2024 Fourth Quarter and Full Year Results" (segment adjusted EBITDA; net revenue), GlobeNewswire, 2025. https://www.globenewswire.com/news-release/2025/02/19/3029135/12388/en/Churchill-Downs-Incorporated-Reports-2024-Fourth-Quarter-and-Full-Year-Results.html
6. Churchill Downs Incorporated. Form 10-K, SEC EDGAR. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000020212&type=10-K
7. PENN Entertainment. Form 10-K, SEC EDGAR. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000921738&type=10-K
8. Caesars Entertainment. Form 10-K, SEC EDGAR. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001590895&type=10-K
9. Boyd Gaming. Form 10-K, SEC EDGAR. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000906553&type=10-K
10. Bally's Corporation. Annual Report / Form 10-K (Arapahoe Park), SEC EDGAR. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001747079&type=10-K
11. Canterbury Park Holding Corporation. Form 10-K, SEC EDGAR. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001672909&type=10-K
12. Gaming and Leisure Properties, Inc. Form 10-K, SEC EDGAR. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001575965&type=10-K
13. VICI Properties Inc. Form 10-K, SEC EDGAR. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001705696&type=10-K
14. Wikipedia. "International Speedway Corporation" (NASCAR's ~$2 billion 2019 acquisition; France-family tracks). https://en.wikipedia.org/wiki/International_Speedway_Corporation
15. Wikipedia / Speedway Motorsports. "Speedway Motorsports" (facilities, ~885,000 seats, 2019 take-private). https://en.wikipedia.org/wiki/Speedway_Motorsports
16. 1/ST (The Stronach Group). "About 1/ST" (Santa Anita, Gulfstream Park, Pimlico). https://www.1st.com/about
17. New York Racing Association. "About NYRA" (Belmont, Saratoga, Aqueduct; state franchise). https://www.nyra.com/about/
18. Keeneland Association. "About Keeneland" (privately held, not-for-profit racing and sales). https://www.keeneland.com/
19. Wikipedia, "Racino," and GGB Magazine, "Changing Horses: The Evolution of Racinos" (takeout, VLT/HHR economics, purse effects, Kentucky HHR handle $6.8 billion FY2022). https://en.wikipedia.org/wiki/Racino
20. NASCAR. "NASCAR announces historic media rights agreements … $7.7 billion, 2025–2031 (Fox, NBC, Amazon, Warner Bros. Discovery/TNT)," 2023. https://www.nascar.com/news-media/2023/11/29/nascar-announces-historic-media-rights-agreements-with-fox-nbc-amazon-and-warner-bros-discovery/
21. The Jockey Club / Equibase, via BloodHorse. "U.S. pari-mutuel handle $11.26 billion in 2024, down ~3.35%," 2025. https://www.bloodhorse.com/horse-racing/articles/tag/pari-mutuel-wagering
22. Horseracing Integrity and Safety Authority. "Regulations" (Racetrack Safety Program; 2024 rule updates) and Federal Trade Commission oversight of HISA. https://hisaus.org/regulations
23. U.S. Congress. "Interstate Horseracing Act of 1978" (interstate/simulcast wagering consent framework). https://www.congress.gov/bill/95th-congress/senate-bill/2358
24. National Indian Gaming Commission / Indian Gaming Regulatory Act (tribal gaming framework). https://www.nigc.gov/
25. GREY2K USA Worldwide / PBS News. "Greyhound racing nears its end in the U.S." (47 tracks closed since 2001; two live tracks remain in West Virginia; state and advancing federal bans), 2024–2026. https://www.grey2kusa.org/about/dying_industry.php
26. Churchill Downs Incorporated. "Completes Acquisition of Substantially All of Peninsula Pacific Entertainment's Assets" (~$2.75 billion; Colonial Downs), 2022. https://ir.churchilldownsincorporated.com/news-releases/news-release-details/churchill-downs-incorporated-completes-acquisition-substantially
27. National Speedway Directory / RacingIn.com, via Wikipedia "Dirt track racing in the United States" (1,200+ U.S. tracks; 700+ dirt ovals). https://en.wikipedia.org/wiki/Dirt_track_racing_in_the_United_States
28. Penske Corporation / Penske Entertainment. "Racing" (Indianapolis Motor Speedway; IndyCar). https://www.penske.com/our-companies/racing