Hubbard Buys Out Ruidoso
Hubbard now sole owner of New Mexico track.
May 8, 2016
R.D. Hubbard has purchased the Ruidoso Downs’ interests of Dr. Ed Allred and Bruce Rimbo and Hubbard is now sole owner of the track.
Previously, Hubbard had a 72-percent interest in Ruidoso Downs.
Shaun Hubbard, who has been the track’s general manager, will now assume the roles of president and general manager.
“I’m very proud of the job that Shaun has done over the past five years as general manager,” said R.D. Hubbard. “He will be an excellent president and an important part in the future of Ruidoso Downs.”
Ruidoso Downs has shown tremendous growth since Hubbard bought into the track in 1988. The track was immediately reconfigured from a 5/8ths-mile oval to the current 7/8ths-mile configuration. A separate 550-yard chute was added for quarter horse racing and Ruidoso Downs is still the only track to have a separate track for Quarter Horse racing.
Hubbard was a primary force to pass legislation allowing casinos at racetracks in New Mexico. This permitted the addition of the Billy the Kid Casino. After opening in 1999, the casino quickly started contributing large sums cash to race purses and helped keep racing viable in New Mexico.
Ruidoso Downs’ Grade 1 futurities and derbies have shown history-making growth.
The All American Futurity has grown from $2 million in 1988 to the current $3 million, making it the largest two-year-old purse in the world. The Rainbow Futurity has grown from $422,612 in 1988 to $1 million this year. The Ruidoso Futurity started in 1993 with a $326,992 purse and is now $1 million.
The All American Derby was $550,165 in 1988 and is now estimated at $2.5 million. The Rainbow Derby has grown from $396,354 to an estimated $1.2 million this summer. The Ruidoso Derby began in 1994 with a $55,561 purse and now has a $1 million (est.) purse.
“I am very pleased to provide these rich purses to the horsemen,” said R.D. Hubbard. “Ruidoso Downs has been an iconic force in racing and will continue to grow and provide the fans and horsemen the best racing.”
For complete Ruidoso Downs’ information, go to www.raceruidoso.com, visit the Ruidoso Downs Race Track and Casino Facebook page and follow the Ruidoso Press Box (@RuiPressBox) on Twitter.
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