In Florida, the question of what to do with former greyhound tracks has confounded owners for several years. Since greyhound racing was banned in 2021, the roughly dozen tracks in the state have had to be repurposed, as the Fort Myers Greyhound Track did in converting to a poker room, bowling alley, and sports field amenity. Another once-famous greyhound track in the state, Derby Lane in St. Petersburg, will have questions asked about its future after the sale of the property to a private equity firm.
130 Acres of Prime Florida Property
According to information from the Florida Division of Corporations, the 130-acre Derby Lane Kennel Club property merged with Rally Acquisition Company (located in Connecticut) last week. The property houses one of the most popular poker rooms in the state, simply called Derby Lane by locals, as well as the racetrack and paddocks that make up the expanse. What will happen to the property overall is the question, and an attorney for the company is not offering any insights.
Scott Easterbrook, the representing attorney for Rally Acquisition Company, stated to the Tampa Bay Times’ Rebecca Liebson that the company was looking to “develop (the property) for the benefit of the community.” He did mention, however, that the “club’s gaming operations” would remain and that Rally Acquisition would be looking to “build on the operating excellence” of the Derby Lane Poker Room.
What might slow down any development of the property is its zoning. It was thought that the area would be good for a baseball stadium for Major League Baseball’s Tampa Bay Rays, but those plans never came to fruition. As it is, the area is zoned for stadium usage, meaning that the local government would have to rezone the area if it wanted to shift to residential, hotel, or retail usage.
The area where Derby Lane is located is quite prized for its location. Smack on the bayfront on the St. Petersburg side of Tampa Bay, major thoroughfares like the Gandy Bridge (and Gandy Boulevard) run by the property. But the racetrack and paddock areas have sat empty since 2021, when the ban on greyhound racing took effect, and the drive to utilize that area seems to have become imminent.
Long History of Gaming at Site
Derby Lane was one of the first sites in the Sunshine State to offer greyhound racing. Built in 1925 by businessman T.L. Weaver, the track was the longest operating greyhound track in the country. When Florida amended their laws to allow for simulcast betting, Derby Lane was one of the tracks that immediately jumped at the opportunity.
When poker came to the greyhound tracks in the mid-Aughts, once again Derby Lane was at the forefront of the move. It has long been a popular destination for poker players, who flock to the plethora of poker tournaments and cash games, while maintaining its place as a simulcast outlet for horse racing. One of the caveats of greyhound racing ending at Derby Lane was the ability to start spreading table games, which Derby Lane has taken advantage of.
The opportunity to host poker and table games is what many of these former greyhound tracks have moved towards. Palm Beach Kennel Club has become an OTB (off-track betting) site, a popular poker room hosting the World Series of Poker and the Moneymaker Tour, and a convention spot, hosting a sports card trading show later this month. The Daytona Beach Racing & Card Club has eliminated live “racing” from its schedule, opting to simulcast, while its poker operations have ramped up.
From the language of the new ownership, there does not seem to be a threat against Derby Lane’s poker operations, but that can change quickly. With the value of the property, the new ownership could be tempted to use the entirety of the sprawling property for other uses, however. Time will tell whether the local government bucks local sentiment and allows the new ownership to move in a different direction.
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