Horse racing and pari-mutuel wagering; definition of historical horse racing.

Establishes historical horse racing as a form of horse racing. The bill defines historical horse racing as a form of racing that creates pari-mutuel pools from wagers placed on previously conducted horse races and is hosted at (i) a racetrack owned or operated by a significant infrastructure limited licensee or (ii) a satellite facility that is owned or operated by (a) a significant infrastructure limited licensee or (b) the nonprofit industry stakeholder organization recognized by the Virginia Racing Commission and licensed to own or operate such satellite facilities. The bill establishes retainage fees similar to those already in existence for horse racing and provides for the Commission to promulgate emergency regulations.