In 1990, Virgil E. Cook, a prominent local businessman and longtime resident of Anderson, Indiana, donated of commercial real estate to the city for the sole purpose of developing a pari-mutuel racing facility. In 1992, Churchill Downs Incorporated announced plans to purchase Indiana's only pari-mutuel license from The Anderson Park Group headed by Louis Carlo and open a racetrack on the site of the land donated by Cook. It was the first racetrack outside Kentucky owned by Churchill Downs since 1939. In February 1994 a contract was signed for the construction of Hoosier Park. The construction of the facility cost approximately $13 million. On September 1, 1994, the track finally opened. A crowd of 7,633 came to the grand opening of the standardbred season. The track announces plans to open four off-track betting facilities in Indiana. On October 7, 1995, the first Indiana Derby was run.