Retama Park is a class 1

pari-mutuel Parimutuel betting or pool betting is a betting system in which all bets of a particular type are placed together in a pool; taxes and the "house-take" or "vigorish" are deducted, and payoff odds are calculated by sharing the pool among all winnin ...

horse The horse (''Equus ferus caballus'') is a domesticated, one-toed, hoofed mammal. It belongs to the taxonomic family Equidae and is one of two extant subspecies of ''Equus ferus''. The horse has evolved over the past 45 to 55 million y ...

racetrack A race track (racetrack, racing track or racing circuit) is a facility built for racing of vehicles, athletes, or animals (e.g. horse racing or greyhound racing). A race track also may feature grandstands or concourses. Race tracks are also u ...

located in

Selma, Texas Selma is a city in Bexar, Comal, and Guadalupe Counties in the U.S. state of Texas. It is part of the San Antonio metropolitan statistical area. Its population was 10,952 at the 2020 census, up from 5,540 at the 2010 census. Selma was settled by ...

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

, that opened in 1995. Live

quarter horse The American Quarter Horse, or Quarter Horse, is an American breed of horse that excels at sprinting short distances. Its name is derived from its ability to outrun other horse breeds in races of a quarter mile or less; some have been clocked at s ...

races meet June to August and live

thoroughbred The Thoroughbred is a horse breed best known for its use in horse racing. Although the word ''thoroughbred'' is sometimes used to refer to any breed of purebred horse, it technically refers only to the Thoroughbred breed. Thoroughbreds are c ...

races meet September to November.

Simulcast Simulcast (a portmanteau of simultaneous broadcast) is the broadcasting of programmes/programs or events across more than one resolution, bitrate or medium, or more than one service on the same medium, at exactly the same time (that is, simultane ...

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 Penn Entertainment, Inc., formerly Penn National Gaming, is an American entertainment company and operator of integrated entertainment, sports content, and casino gaming. It operates 43 properties in 20 states, online sports betting in 14 jurisd ...

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. Retama Park held it first race on April 7, 1995, 1 and 1/2 years behind schedule.

Financial problems

Retama Park has never turned a profit. The RDC filed for

Chapter 9 bankruptcy Chapter 9, Title 11, United States Code is a chapter of the United States Bankruptcy Code, available exclusively to municipalities and assisting them in the restructuring of their debt. On July 18, 2013, Detroit, Michigan became the largest cit ...

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 Forbearance, in the context of a mortgage process, is a special agreement between the lender and the borrower to delay a foreclosure. The literal meaning of forbearance is "holding back". This is also referred to as mortgage moratorium. Applica ...

instead. In 2013,

Pinnacle Entertainment Pinnacle Entertainment, Inc. was an American gambling and hospitality company. It was acquired by Penn National Gaming in 2018. At the time of acquisition, it operated sixteen casino properties, located in Colorado, Indiana, Iowa, Louisiana, Missi ...

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. Pinnacle also took over operations of the track under a management agreement with the RDC. In 2018,

Penn National Gaming Penn Entertainment, Inc., formerly Penn National Gaming, is an American entertainment company and operator of integrated entertainment, sports content, and casino gaming. It operates 43 properties in 20 states, online sports betting in 14 jurisd ...

(now Penn Entertainment) acquired Pinnacle and assumed management of the track.

References

External links

* Horse racing venues in Texas Buildings and structures in Bexar County, Texas 1995 establishments in Texas {{Texas-sports-venue-stub