KRG Sets Sights on Fremont to Build Racetrack and Casino
Last week KRG Investment Group announced its interest in launching a new horse racing facility with a casino and a hotel in Fremont, Nebraska. The state’s regulatory body, Nebraska Racing and Gaming Commission (NRGC), has been informed of the group’s plans, as well as city officials, who appear to support the idea.
Land-based casinos were legalized in Nebraska in 2020, but they can’t be built as separate properties. According to the law, the only possible place for launching a casino is one of the six racetracks licensed in the state. There is still a way to open new commercial casinos in Nebraska, but again, live horse racing must be included in each proposal. A racetrack may be built or acquired, and this is the main requirement for the whole property to get a necessary license.
Currently there are six racetracks in Nebraska that are already eligible to build casinos: Fonner Park in Grand Island, Legacy Downs in Lincoln, Atokad in South Sioux City, Horsemen’s Park in Omaha, Columbus Exposition and Racing in Columbus and FairPlay Park in Hastings. Of these six properties, four have already opened temporary casinos that will remain open while the permanent ones are under construction.
If the Fremont project is greenlighted, it would be the seventh racing and gaming venue in the state. There are also similar proposals for Kimball, Gering, North Platte, York, Norfolk and Bellevue.
However, it might be challenging for the casino market in Nebraska to expand as a recent study concluded there was more than sufficient capacity with the state’s existing six licenses to allow racing in Nebraska to triple or even quadruple in size. According to the law, the NRGC has to conduct such studies every five years to understand the possible socioeconomic impact of new license applications.
In other news, Danville Casino’s revenue up in December 2023 after three months of decline.