Here's a sobering reality: the "Sport of Kings" has been playing checkers while the world moved on to 4D chess. Over the past 50 years, thoroughbred racing has shed nearly 60% of its inflation-adjusted market value. Fifty-four racetracks have closed since 2000. Foal production has collapsed by 49%. And despite billions in subsidies, the industry continues its death spiral—December 2025 saw wagering handle plummet 7.3%, the worst month on record.

But here's the plot twist: this collapse isn't a tragedy. It's an opportunity.

Picture this: a 1940s industrial powerhouse meets a warm, modern sanctuary of mass timber—because apparently, we couldn't choose between gritty and luxe, so we married them. Welcome to the Pegasus Equestrian Experience Center, where "High-Industrial" architecture proves that heritage and innovation aren't enemies; they're just waiting for the right timber beam to introduce them properly.

In the development world, there is often a massive gap between the initial artistic vision and the "Minimum Viable Product" (MVP) that actually allows a business to cash flow. At Pegasus Equestrian International, we aren't immune to this.

When we first looked at our site—a spectacular 2,800-acre landscape in Douglas County, Oregon—we were captivated by the massive box canyon at its heart. The original dream? Cover the whole thing. We looked at spanning the canyon from ridge to ridge, creating a roof over 130 acres with a floor area of 65 acres. It would have been an engineering marvel.

If this isn't a sign, I don't know what is.

Jokes aside, big things are happening in the background with Pegasus Equestrian, so we figured a new sign was in order

The founders, Drew & Quinn Millegan, our experienced team members, and partners are all pleased to be moving forward again after this delay. The demand and excitement for Pegasus in the industry and community remains strong, and we look forward to the work ahead of us to build out the facility.

Most sports venues provide one thing - a place for competitions. Pegasus is much more than a venue, and will itself be a major international destination regardless of whether or not you ride in on a horse. The site will include not only world class arenas and fields for competition, but also overnight housing, resort amenities, dining, shopping, employee housing, a veterinary clinic, and so much more on its contiguous 2,800 acres.

We are proud to announce that Pegasus Founders’ Oregon-Based fund with Deep Roots and Stubborn-Growth has been honored with an additional award as the Contrarian Value-Based Hedge Fund of the Year for 2022/23. The CorporateLiveWire team, who has awarded major firms globally, has selected The Woodworth Contrarian Fund and its team to be among the 2022/23 Global Awards winners. Please see the publication excerpt in this annoucement.

Horse racing is big business with projected 2023 revenues of over $5.5 billion in the United States. While the industry expects 1.3% growth in 2023, the industry has been dying a slow death in Oregon despite very favorable online horse racing regulations and an expensive attempt by the Dutch Brothers co-founder, Travis Bosema, to rescue a quarter horse track in Grants Pass.

Following our courtroom win in Oregon's Land Use Board of Appeals (LUBA), today we got payment for court fees from 1000 Friends of Oregon. It's not much - just $591 dollars for direct court fees - and much less than the amount we directly paid to our defense attorneys, but it is tangible proof of the frivolous nature of the lawsuit that fees were awarded at all.

Pegasus Equestrian is owned by two brothers, Drew and Quinn Millegan, who own and operate the Woodworth Contrarian Fund. Woodworth was just awarded Best Value-Based Hedge Fund ‘22 and the Best Contrarian Hedge Fund Manager ‘22 - well deserved awards in uncertain financial times. If you are looking to diversify your funds, now is the time to contact them.

Pegasus has prevailed again in the third and final appeal by Friends of Douglas County against Pegasus’s approval. The Oregon Court of Appeals issued an order denying reconsideration of their decision, and affirmed the LUBA decision to uphold Douglas County's approval of Pegasus. Friends did not appeal to the Oregon Supreme Court.

Pegasus just prevailed again on the appeal filed by Friends of Douglas County in the Oregon Court of Appeals.

Tune in to KPIC for the exclusive interview of Pegasus Founders and brothers, Drew and Quinn Millegan.

Mary Arnstad is an avid equestrian and prominent fixture in the resort and hospitality industry. Mary has a wealth of experience managing and opening several renowned hotels and consulting for various equestrian venues. Mary brings her expertise to Pegasus Equestrian Resort & Venue, spearheading the hospitality side of the project.

David Gorman, Environmental and Ecological Engineer for Pegasus Equestrian Resort & Venue, boasts 35 years of experience in habitat restoration and water resources engineering.

Armed with extensive experience in the equine industry, both on the business and personal side, Paul Cunningham takes on the role of International Equine Adviser at Pegasus Equestrian Resort & Venue.

Pegasus Equestrian Resort & Venue is slated to become a world-class equestrian destination. With as many as five indoor arenas, numerous outdoor grass and sand arenas, four grass polo fields, the first 5-star eventing course on the West Coast and a luxury on-site resort and spa, Pegasus Equestrian Resort & Venue will make a large impact on the local tourism industry, the West Coast horse show industry and the equestrian industry world-wide. However, Pegasus does plan to leave one area unaffected: the environment.

A lifelong equestrian with a passion for architectural design, Linda Royer is excited to take on the unique project that is Pegasus Equestrian Resort & Venue as Lead Equine Designer.

With endless options from world-class equestrian facilities, to a resort and spa, to a winery, there is something for everyone at Pegasus Resort & Venue. The temperate climate of the low hills of Douglas County, Oregon offers visitors pleasant summers and comfortable winters, meaning competitors and visitors can enjoy Pegasus Equestrian Resort & Venue year-round.

Two brothers with a shared vision, Drew and Quinn Millegan have founded Pegasus Equestrian Resort & Venue. While they are personally devoted to the project, the passion extends far beyond their own goals for the venue, as they aim to change the scope of equestrian sport on the west coast through the creation of Pegasus Equestrian Resort & Venue.