Tech entrepreneur Chip Meyers is moving forward with plans for Las Vegas Downs, a $550 million horse racetrack on 55 acres of Las Vegas Boulevard between Mandalay Bay and the M Resort. Meyers is founder of Bitcoin ATM company Hilt. He said the idea came from talks with longtime Las Vegas residents. Also, he spoke with college friends who now run a large construction company.
Meyers attributes his passion for racing to childhood visits to the Meadowlands in New Jersey. “I watched the Triple Crown every year,” he says. “Horses were on the cover of Sports Illustrated.” His wife Louise’s family previously owned trotters, raced at Hollywood Park, and her mother led a California racing organization.
Meyers sees California’s declining number of racetracks as an opportunity for Las Vegas. “California racing is having a difficult time and really been retracting,” he says. “There are no more tracks in Northern California. There are three tracks left in Southern California. And there might be one track left in a few years, which is Del Mar.”
Racetrack Plans
The venue would host 60 race days from early November to early April. It would have a grandstand seating about 20,000, expandable to 40,000, and nightly purses near $1.5 million. Funding includes about $275 million already committed. A separate winter training facility near Pahrump, Mesquite, or Cold Creek would feature barns and an equine spa.
Three previous Las Vegas racing ventures failed due to fraud, ownership disputes, or foreclosure. Meyers stated the project will not include a casino. Instead, it is intended to increase Strip hotel occupancy rather than compete with gaming operators. He is meeting with state regulators. Furthermore, he plans to propose legislation to Nevada lawmakers in 2027 to ease pari-mutuel wagering requirements.
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Eric Butler is a Contributor for Dice City Sports. You can follow him on Instagram and X via @ReportandOpine
