A Massachusetts company plans to invest $55 million to build a quarter horse racing track and historical horse racing gambling venue in the eastern part of the state after receiving a license from the Kentucky Horse Racing Commission on Tuesday.

The commission awarded the state’s ninth horse racing license – only nine are allowed – to Revolutionary Racing Kentucky LLC for the planned development near Ashland.

“We are excited to have quarter horse racing back in Kentucky. This project invests $55 million and creates 200 jobs in the northeast corner of our commonwealth,” Gov. Andy Beshear stated in a release about the project. “Bringing quarter horse racing back to Kentucky is an exciting opportunity to honor a lost Kentucky tradition and contribute to the state’s economy.”