BOYD COUNTY, KY (WOWK) – Local and state leaders and representatives from Revolutionary Racing Kentucky attended an official groundbreaking ceremony for the new horse racetrack in Boyd County, Kentucky on Friday.

Revolutionary Racing CEO, Larry Lucas, says today was a huge milestone in this project but they didn’t do this alone.

“This is just a textbook example of eastern Kentucky grit and hard work. This hard work from the city, to the county, to the state, is really unbelievable,” Lucas said during the event.

The $55 million investment is expected to create more than 200 permanent jobs, with union labor being used during construction.

The racetrack will feature a 660-yard sprint track and daily prize money, or purses, of $500,000.

Nearly $1 million in tax revenues are expected to be generated each year, which locals say is a huge upside.

“It’s going to be a wonderful boost to the economy in the counties and I know they’ve been talking about this for several years, so it’s great to see it finally come to fruition,” area resident Tim Woodcock said after the ceremony.

Governor Andy Beshear (D-KY) also attended the event commenting on this major investment, not just for Boyd County, but for the entire state as a whole.

“Folks, we are proud here in Kentucky to be the undisputed horse capital of the world,” Gov. Beshear said.

Officials say construction of this new horse racing track is expected to begin later this year.

The facility is projected to be complete by 2024.