17 Years in the Making: LetsRun Park Yeongcheon Finally Opens

【Financial News—Andong and Yeongcheon = Reporter Kim Jang-wook】 “The fruits of 17 years!”
 According to North Gyeongsang Province and Yeongcheon-si, LetsRun Park Yeongcheon will hold its opening ceremony on the 13th and begin full-scale operations. The park opens 17 years after it was selected as a candidate site for the country’s fourth racecourse in December 2009. It is the first horse-racing park in the North Gyeongsang region and the fourth in South Korea.
Six races will be held, including a special race commemorating the opening, with total prize money of 150 million won.
Governor Lee Cheol-woo emphasized, "The dream that the residents of North Gyeongsang Province and Yeongcheon had cherished for 17 years has become a reality. We will promptly proceed with the construction of the Phase 2 civic park and expand the number of races, while reinvesting the increased tax revenue and funds into the horse industry."
He added, "In line with the government's principles of linking functions and concentrating industries, we will ensure that the KRA headquarters is relocated here and complete North Gyeongsang Province's innovation hub for South Korea's horse industry, where production, breeding, training, racing, and tourism are integrated."
The opening celebrations will also feature the special race, a performance by the Arirang Taemu Demonstration Troupe, and a concert by the military band of the Korea Army Academy at Yeongcheon.
Yeongcheon-si Mayor Kim Byeong-sam said, "We expect LetsRun Park Yeongcheon to establish itself not only as a horse-racing facility but also as a leisure space enjoyed by citizens and visitors and as Yeongcheon's leading tourist attraction."
The Yeongcheon Racecourse received approval in 2012 after facing difficulties involving land acquisition, consultations with residents, and worsening financial conditions. Construction began in 2022, and the facility has now opened.
The facility includes a four-story grandstand above one basement level, 100 horse stalls, an animal hospital, and a waterfront park. It plans to gradually increase the number of rotating races from 72 to 180 before transitioning to permanent racing.
The province is also pursuing a Phase 2 civic park development project, investing 120 billion won in the 240,000-pyeong undeveloped remaining site. A total of 654.9 billion won has been invested so far by the KRA and public-sector entities. The overall investment is expected to rise to 1.009 trillion won with an additional 354.1 billion won for the Daegu Metro extension to Yeongcheon and the construction of Racecourse Park Station.
The province plans to expand the scope of local tax reductions and raise the fund contribution rate from 5% to 20%, reinvesting the additional tax revenue generated by the increase in races into a fund for developing the horse industry.
In particular, it is making all-out efforts to relocate the KRA headquarters to Yeongcheon in line with the government's principles for the second phase of public institution relocations. The plan is to move its policy, research, and education functions as well and link them with LetsRun Park Yeongcheon and the horse-industry special zone.
Together with Yeongcheon-si, the province is finalizing plans for site, transportation, and settlement support while conducting efforts to attract the headquarters by engaging with the central government, the National Assembly, and the KRA.

[email protected] Kim Jang-wook Reporter