Arkansas’ Oaklawn Racing To Invest $100M for Casino/Hotel

On Monday in Hot Springs, Arkansas, the Oaklawn Racing and Gaming owner divulged a plan to construct a massive hotel and expand its casino by 28,000 square feet. This project will be quite expensive…

…and a whopping $100 million will be invested over the course of the next two years.

Louis Cella, president of the Oaklawn Jockey Club and the owner of the track addressed the public in a news conference, held near the track’s paddock area. He said that this would be one of the biggest private investments the hospitality and tourism industry this state has ever seen!

Around 200 people, mostly local officials and some from the hospitality industry, listened to his speech.

Taking Major Steps

The announcement of a $100-million project came several days before Arkansas had taken a major step forward, by approving casino licensing.

Besides Southland Park Gaming and Racing from West Memphis, Hot Spring’s Oaklawn Racing and Gaming will become a full-fledged casino. Poker, blackjack and some other table games already exist, but sports betting will be integrated into the system as well.

According to Cella, this project is “a new chapter” in the history of Oaklawn that lasts for 114 years. This will be the third expansion since 2008 and it has been planned for four years.

Cella hopes that the newly renovated casino and a 200-room hotel will attract tourists, making Hot Springs a more popular city.

The Modern Venue

This project is a massive one and it comes to no surprise that it costs $100 million. It can be divided into three sections:

1. 1. Hotel Building
2. 2. Event Center Construction
3. 3.Casino Expansion

Firstly, the hotel will have 200 rooms that will be arranged over seven floors. The guests will be able to enjoy an outdoor pool, luxury spa, a restaurant whereas those who want to spend their days in the lap of luxury…

…are free to make a reservation for one of two presidential suites!

Secondly, a 14,000-square-foot event center is planned. It will be able to accommodate approximately 1,500 people. Banquets, meetings, concerts and weddings are to be held at this venue.

Last but not least, the casino will expand by 28,000 square feet. A new restaurant and food court are planned within the expansion.

Wayne Smith, General Manager of Oaklawn Racing and Gaming, land-based venue in Arkansas confirmed that construction would start on May 4 after the track’s live racing season had been brought to an end.

Voters Speaking Their Mind

In the beginning of November, voters in Arkansas had to make a decision…

…whether new casinos were allowed to be built on places where none exist.

This is known as Issue 4 and the ballot initiative was approved by a margin of 54% to 46%. Although Oaklawn was against similar gambling initiatives in the past, they remained quiet this time.

Consulting the Authorities

Prior to the voting, in October, Oaklawn officials approached Governor Asa Hutchinson to talk about their plans and ideas. Hutchinson said: “This investment would have happened without Issue 4. I can’t take credit, because this is a private investment, but I still get to celebrate it.”

He pointed out that state was not obliged to finance anything regarding the project. Furthermore, he mentioned that around 1,500 work at Oaklawn during each horse-racing season…

…and that has “a 200-million economic impact” on the city and the state.

Hot Springs Advertising and Promotion Commission Chief Executive Officer Steve Arrison believe that the $100-million project will have a “ripple effect” on what the city has to offer. He also thinks that the event center will complement the downtown convention center in the downtown area.

Source:

“Oakland Racing owners plan $100M casino-hotel”, Stephen Steed, arkansasonline.com, November 20th, 2018