A Chicago-based group and its partners have finalized their purchase of Colonial Downs in New Kent, Va., according to the partners, an acquisition made possible by legislation this year allowing the owner of the track to operate slot-machine-like devices at the track and at as many as 10 facilities across the state. Revolutionary Racing, together with a previously undisclosed partner, Peninsula Pacific Gaming, purchased the track from Jacobs Entertainment under an agreement struck with Jacobs prior to the Virginia legislature convening this year. Revolutionary Racing is a partnership headed by Larry Lucas, a former gambling lobbyist and executive with an account-wagering company, and Prentice Salter. Peninsula Pacific is a holding company that has provided funding and management operations for various casino projects, according to its website. The company is headed by M. Brent Stevens. The statement from the group said the purchase price was “in excess of $20 million” but offered no other details. In the statement, the partners in the acquisition said they looked forwarded to reopening Colonial Downs but did not provide a timeline for when the track might return to hosting live racing. The statement said “further details regarding the return of live racing to Colonial Downs, including racing dates, will be released in the months ahead.” “We are thrilled to take yet another important step forward in the effort to help revitalize Virginia’s longstanding horse industry,” said Lucas. “A vibrant and successful Colonial Downs is critical to ensuring that horse racing can thrive and grow in the Commonwealth.” Colonial Downs, which opened in 1997, has not run a live race since 2013, after Jacobs Entertainment voluntarily surrendered its racing license when it failed to reach an agreement with local horsemen on racing dates. Jacobs had unsuccessfully lobbied the legislature for years to get approval to operate slot machines or other casino games at the track. The legislation that passed this year by lopsided votes in both chambers will allow the new ownership group to operate historical-racing machines at both the track and its offtrack betting facilities. The machines use previously run horse races to generate payouts to players. The devices have earned track owners tens of millions of dollars in states where they are in operation, such as Kentucky. Virginia Gov. Ralph Northam signed the legislation with a cautionary note that directed the state’s racing commission to place “reasonable limitations on the proliferation” of gambling in the state and involve local communities in the adoption of rules governing the devices. The legislation did not place any limits on the number of devices, leaving that up to the racing commission during its rulemaking process. The commission has until the end of the year to write the regulations.