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.

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.

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