RICHMOND, Va. (AP) — Chicago-based Revolutionary Racing has bought Virginia’s Colonial Downs racetrack for upward of $20 million, touting the purchase as a major step toward reopening the shuttered facility.

The new owners tell The Richmond Times-Dispatch the deal closed Wednesday and resulted from the decision to pass legislation to allow new, slots-like betting terminals that generate revenue to support the track. Peninsula Pacific and JNB Gaming are other partners in the venture.

A Revolutionary Racing commissioned study says the reopened facility could produce more than 1,000 jobs and have an annual economic impact of nearly $350 million.

There has been no live racing at the track since 2014. The facility’s developer and longtime owner surrendered its license to the Virginia Racing Commission over a dispute with a nonprofit that represents thoroughbred horse owners, trainers and breeders.