Horse Racing Is Sparking an Economic Housing Boom in Wyoming

There's a housing boom in Evanston, WY, where a horse track just opened called the Horse Palace Gateway.

The $26 million development includes a 30,000-square-foot facility featuring historical horse racing terminals, simulcast wagering, a premium steakhouse, and live music.

"This project reflects years of planning and collaboration," John Sheldon, executive vice president of Wyoming Horse Racing, said in a press release. "Every element of Gateway was designed around the guest experience, from the layout to the amenities."

About four miles from the Utah–Wyoming border, Horse Palace Gateway is also just 10 miles from the historic Wyoming Downs horse track, helping drive interest in the local real estate market.

"We're getting more interest from outside the area," says Wyoming real estate broker Toby Griffith of Live Water Properties. "The new horse track is going to be very attractive to a lot of nonresident-type folks. I think the housing prices will start to reflect that."

Evanston real estate agent Britany Erickson of Coldwell Banker agrees.

"Because of the horse track, I think we will get a lot more people on the weekends," she says. "Maybe when they come from Utah, they will see how quick the drive is, and how affordable the houses are here compared to there, and consider relocating."

Erickson says she already has many Utah clients who purchase in Evanston and commute to places like Salt Lake City, which is an hour away.

"There are no state income taxes in Wyoming, so that's a big draw for buyers," she says.

Griffith says he knows several doctors who reside in Evanston and commute 40 minutes to Park City. "They save a tremendous amount on taxes," he adds.

Current market in Evanston

The real estate market in Evanston is steady, according to Erickson.

"With the interest rates, we're in a spot where people are a little more conscious of what they're spending, and there are not a lot of multiple offers," she says.

The median listing price is $592,950—and, according to Erickson, homes priced over $400,000 are often seeing price reductions.

She said many first-time buyers are priced out, so they're renting—but she's been seeing a lot of retirees move to Evanston lately for the tax advantages.

The town of Evanston

Erickson says she's seen more businesses and restaurants opening up in Evanston lately.

"A lot of the commercial buildings are now leased out," she says.

Griffith adds that he sees it as a destination for growth with I-80 going through there.

"I think the horse track has really helped. I used to bartend at the track back in the '80s, and now that the Palace has opened up, and has plans to expand, it's doing very well. With a more than $20 million investment, somebody believes in it."

Griffith says that Evanston is an area that's been relatively unknown up to now, but he sees that changing.

"Before, it wasn't on the radar," he says. "But there are so many recreational activities—you've got hunting, fishing, trekking. There are tremendous summers. You are 30 minutes from world-class skiing. It's really incredible."

Erickson says Evanston's location can't be beat.

"We are very close to anything and everything you want," she says. "We're an hour's drive from Bear Lake, and an hour's drive from Salt Lake City's health care facilities and international airport."

Additional horse track planned for Wyoming

Another horse track is scheduled to open in October in Cheyenne, WY, called Thunder Plains Park.

International Bally's Corp. is taking a majority ownership of the track, according to reports.

Thunder Plains developer Will Edwards, principal of Cowboy Racing LLC, tells Realtor.com®, "We chose this location because it is along the I-80 interstate and best suits the economic growth for Laramie County. We plan for Thunder Plains to be both an attraction as well as a destination for this area."

Edwards adds, "The Cheyenne area is growing. We know that it will only have a positive impact on real estate values as it drives economic interest to this interstate exit."

Griffith agrees, and says the track will be located near the Colorado border so he thinks the market is going to accelerate.

The current median listing price in Cheyenne is $482,000.

Cheyenne, which is the capital city of Wyoming, was recently ranked one of the best places to retire for 2026 by Investopedia, in part because it has no state income tax and no local income tax.