What Pegasus Equestrian does

Pegasus Equestrian is a privately held pre-revenue development company building a multi-discipline equestrian destination resort on 2,800+ acres in Douglas County, Oregon. The site, accessed via a dedicated Interstate 5 interchange and a 5,100-foot private FAA-registered runway, is approved as an Oregon Destination Resort and is designed to host year-round hunter/jumper, dressage, eventing, polo, western, driving, steeplechase, and endurance competitions. Core infrastructure includes up to five climate-controlled indoor arenas — the flagship being The Jewel, a 3-acre mass-timber structure with Mass Plywood Panels (MPP) and an ETFE pneumatic roof — alongside outdoor grass and sand arenas, four grass polo fields, a 224-acre cross-country course, and the Stirling Downs pari-mutuel racing program targeting 120-160 live race days per year.

The commercial ecosystem extends beyond competition hosting to a 150+ room five-star resort and spa on 251 acres, the Equestrian Experience Center (a converted 1940s industrial powerhouse housing Pegasus Provisions marketplace, on-site winery, brewery, distillery, coffee roastery, and curated retail), clusters of VRBO vacation rentals with shared central barns, a 39-acre large-animal veterinary hospital and research campus, and an off-track Thoroughbred retirement and retraining hub. Revenue mechanics span transaction fees (event entry fees, pari-mutuel wagering via DraftKings, FanDuel, TwinSpires, TVG, NYRA Bets, Amwager), recurring hospitality revenue (resort, VRBOs at projected ~$1,500/day at 50% occupancy), professional services (veterinary clinic, research, OTTB retraining), and retail/hardware sales (tack, apparel, Pegasus Provisions). The founders — brothers Drew and Quinn Millegan — are also principals of the Woodworth Contrarian Fund, which serves as the primary vehicle for accredited-investor capital raises. Go-to-market is event-driven, targeting 'Big 10' equestrian organizations 3-5 years in advance, supplemented by I-5 corridor exposure to 30M+ annual passers-by, regional tourism authority endorsements (Sport Oregon, Travel Lane County), and governing-body endorsements (USEF, USEA, OHJA). At full buildout, the company projects $400M+ valuation, 100,000+ annual visitors, and Johnson Economics projects $105M+ in annual revenue from events and hospitality alone.

Name

Pegasus Equestrian

Legal name

Pegasus Equestrian

Website

https://pegasuseq.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Pegasus Equestrian is a private development company building a multi-discipline equestrian destination resort on 2,800+ acres in Douglas County, Oregon, featuring mass-timber indoor arenas, a pari-mutuel racing program, a luxury resort, VRBOs, and a veterinary campus serving equestrian athletes, governing bodies, spectators, and wagering participants.

Ownership category

akta.pro rank

Product category

Equestrian Resort & Venue

NAICS

Racetracks (711212), Horses and Other Equine Production (11292)

SIC

Services-Amusement & Recreation Services (7900), Services-Racing, Including Track Operation (7948)

akta.pro primary industry

Equestrian & Rodeo Facilities (MPAKAEAM)

akta.pro secondary industries

Training, Stables & Equine Services (MPAEADAI), Horse Boarding, Livery & Stable Operations (AFAEAGAG), Equine Rehabilitation, Layup & Retirement Facilities (AFAEAGAJ)

Keywords

• Equestrian venue hosting
• Horse racing operations
• Resort hospitality services
• Vacation rental management
• Equestrian facility development

Headquarters

HQ city

Mcminnville

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Technology or R&D, Personnel, Supply Chain, Operations, Marketing or Sales

Revenue model

1. Equestrian Event Hosting: Revenue from hosting multi-discipline equestrian competitions including hunter/jumper, dressage, polo, western, eventing, driving, flat racing, steeplechase, and more. Entry fees, spectator admission, stabling, and training services. Johnson Economics study projects $56.51M+ annually from event-based spending (stabling, training, food, services) from equestrian competitions alone.
2. Resort Hotel & Hospitality: 150-room five-star luxury resort and spa, plus on-site restaurant and conference facilities. Johnson Economics projects ~$22.58M annually from the resort hotel. The resort is positioned as a hillside village with southern exposure on 251 acres.
3. Vacation Rental (VRBO) Accommodations: Clusters of short-term equestrian rental units (VRBOs) featuring shared central barns, stalls, and practice arenas, accommodating riders staying 2 weeks to 2 months. Projected at ~$26.69M annually (Johnson Economics). Each unit ~$500K build cost, ~$1,500/day rate at 50% occupancy generating ~$2M net per 10 units.
4. Retail Equestrian Experience Center: Pegasus Provisions marketplace (artisan foods, Pacific Northwest cheeses, wine), curated tack/apparel retail, Pegasus brand merchandise. EEC acts as the front door generating retail revenue from I-5 traffic. Food and beverage operations including on-site winery, brewery, and distillery.
5. Pari-Mutuel Wagering (Stirling Downs): Professional racing program (flat, harness, steeplechase, point-to-point, endurance) with 120-160 live race days per year. Oregon leads US in online wagering ($6.5B in ADW bets in 2024). Wagering revenue supports horse show purses and is explicitly subsidy-free.
6. Equine Veterinary Clinic & Research: 39-acre on-site large-animal veterinary hospital and research campus with surgery, imaging (X-ray, CT, MRI, PET), rehabilitation facilities (water treadmills, pools), and teaching facilities. Revenue from clinical services, research partnerships, and educational programs.
7. Thoroughbred Retirement & Retraining: Integrated retirement and retraining hub for off-track Thoroughbreds. Revenue from boarding, training, facility rental, and event showcases demonstrating successful OTTB transitions. At modest volumes (500 horses annually), generates ~$20M in direct revenue plus multiplier effects.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Pegasus Equestrian is developing a 2,800+ acre multi-discipline equestrian destination resort in Douglas County, Oregon, anchored by up to five climate-controlled indoor arenas (led by the flagship 3-acre "Jewel" arena), outdoor grass/sand competition arenas, four grass polo fields, a 224-acre cross-country course, and a combined driving course. The integrated offering extends to a 150+ room five-star resort & spa on 251 acres, clusters of VRBO equestrian vacation rentals, the Stirling Downs pari-mutuel racing venue (flat, harness, steeplechase, endurance), a 39-acre equine veterinary clinic and research campus, training/boarding/academy programs, thoroughbred retirement and retraining facilities, and the Equestrian Experience Center (EEC) marketplace with Pegasus Provisions, on-site brewery, distillery, coffee roastery, cheesemaking, and curated retail.

Product overview

Pegasus Equestrian is developing a comprehensive equestrian resort and competition venue ecosystem on nearly 3,000 acres in Douglas County, Oregon. The portfolio centers on The Jewel Arena (a 3-acre flagship indoor arena with mass timber and ETFE construction) and the Equestrian Experience Center (EEC) as the primary visitor-facing hub. The ecosystem includes Stirling Downs for professional racing, up to five indoor climate-controlled arenas, multiple outdoor grass and sand arenas, four polo fields, a 224-acre cross-country course, and a combined driving course. Hospitality offerings comprise a 150+ room luxury resort and spa on 251 acres, VRBO vacation rentals with shared barns, and RV camping sites. Supporting services include a 39-acre veterinary clinic and research campus, training and boarding facilities, and the 'One Geography, Many Lives' retirement and retraining program. The EEC features Pegasus Provisions marketplace, on-site production (coffee, brewery, distillery, cheese making), high-end retail, interactive exhibits, and rooftop dining.

Differentiator

Problem solved

Functional benefit

Brands

• Stirling Downs: The racing component of Pegasus Equestrian featuring flat racing, steeplechase, and point-to-point competitions.
• Equestrian Experience Center (EEC)
• The Jewel
• The Village of Stirling
• Pegasus Provisions

Products and services

• The Jewel Arena A 3-acre climate-controlled indoor arena built with Mass Plywood Panels (MPP) framing and an ETFE pneumatic cushion roof system with integrated dehumidification and printed fritting for adjustable glare control. It is the flagship prototype arena for year-round multi-discipline equestrian competitions.
• Equestrian Experience Center (EEC) A converted 1940s industrial landmark serving as the visitor center, marketplace, and educational hub, featuring Pegasus Provisions, on-site coffee roasting, brewery, distillery, cheese making, curated English and Western saddle and apparel retail, interactive equestrian exhibits, and rooftop dining.
• Stirling Downs A professional pari-mutuel horse racing venue featuring flat track, harness, steeplechase, point-to-point, and endurance racing with 120–160 live race days per year, distributed via established ADW platforms (DraftKings, FanDuel, TwinSpires, TVG, NYRA Bets, Amwager) and on-site betting.
• Indoor Climate-Controlled Arenas (Master Plan Set) Up to five climate-controlled indoor arenas for year-round multi-discipline equestrian competitions across show jumping, dressage, eventing, reining, and cutting.
• Outdoor Grass & Sand Arenas Multiple outdoor grass and sand competition and practice arenas designed for Grand Prix-level events, with natural hillside terrain used for spectator seating.
• Four Full-Size Grass Polo Fields Four full-size grass polo fields designed for year-round play with optional covers, supporting the multi-disciplinary equestrian offering.
• Cross-Country Course A 224-acre equestrian cross-country course designed for multiple competition levels, integrated with the natural hillside terrain of the site.
• Combined Driving Course A dedicated combined driving course for carriage driving competitions, separated from other equestrian facilities to support the multi-discipline programming.
• Pegasus Resort Hotel & Spa A minimum 150-room five-star luxury resort and spa located on 251 acres in a hillside village configuration, with on-site convention center, high-end restaurants, retail, and integrated employee housing.
• VRBO Equestrian Vacation Rental Units Clusters of short-term equestrian-oriented vacation rental units (1,400 sq ft, 2.5–3.5 bedrooms each) with shared central barns, stalls, and practice arenas, designed for riders staying 2 weeks to 2 months; projected at ~$26.69M annually with ~40% ROI per unit cluster.
• Equine Veterinary Clinic & Research Campus A 39-acre on-site large-animal veterinary hospital and research campus offering full equine hospital services (surgery, X-ray, CT, MRI, PET, ICU, emergency), rehabilitation facilities (water treadmills, pools, spas), research labs, teaching facilities, and convalescent paddocks.
• Pegasus Provisions Marketplace An artisan food and beverage marketplace within the Equestrian Experience Center offering Pacific Northwest cheeses, hand-crafted charcuterie, regional wines, and small-batch goods produced on-site (coffee roasting, brewery, distillery, cheesemaking), inspired by Oakville Grocery's curated elegance.
• Training, Boarding & Academy Facilities Year-round boarding, training, clinics, and academy programs for hunter/jumper, dressage, eventing, western disciplines, and racing, with on-site cattle management for cutting and reined cow horse competitions.
• One Geography, Many Lives — Thoroughbred Retirement & Retraining An integrated retirement and retraining program for off-track Thoroughbreds, offering boarding, retraining, facility rental, and event showcases that demonstrate successful OTTB transitions into eventing, dressage, western sports, and peaceful retirement pastures.
• RV Sites & Camping Short-term large RV sites for competitors, including full-service and limited-service options, dispersed in groups throughout the site near competition arenas in mini valleys.

Quantifiable outcome

• VRBO units projected at ~$2M annual net profit per 10 units at ~40% ROI (50% occupancy, $1,500/day)
• +5 more outcomes

Segments5 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered core and supporting.

• International Mass Timber ConferencecoreStrategic or Co-development Partner · 31 March 2026Pegasus Equestrian was selected to present at The Boardroom: From Pitch to Capital session at the 2026 International Mass Timber Conference in Portland. This conference features investor panels including Jamestown, Hines, Barings, and Richard King Mellon Foundation — representing placemaking, user experience, capital discipline, and value-chain development. Pegasus is the only non-residential/non-conventional mixed-use project selected, positioning mass timber as a flagship use case.
• Sport OregoncoreGTM or Marketing PartnerSport Oregon wrote a letter of support for Pegasus Equestrian. CEO Jim Etzel stated: 'There is a shortage of venues for other sports/venues from SFX to British Columbia - you will be getting tons of calls to book the venue.' Sport Oregon represents the sports events and tourism industry in Oregon and supports Pegasus as a major economic development initiative.
• Travel Lane CountycoreGTM or Marketing PartnerTravel Lane County (regional tourism organization for Lane County/Eugene area) wrote a letter of support. President & CEO Kari Westlund stated: 'Pegasus...will change the landscape of equestrian and other event opportunities in the Pacific Northwest, and Oregon in particular.' They represent regional tourism interests and support Pegasus as a tourism anchor.
• United States Eventing Association (USEA)coreGTM or Marketing PartnerUSEA CEO Rob Burk wrote a letter of support: 'For our sport, the West Coast holds strong potential for growth and one of the only limiting factors has been the availability of venues...' USEA is a major governing body for eventing and supports Pegasus as a transformative venue for the sport on the West Coast.
• Oregon Hunter Jumper Association (OHJA)coreGTM or Marketing PartnerOHJA President Robin Rothe wrote a letter of support: 'The Pacific Northwest is limited in facilities where premiere hunter/jumper competitions can logistically host a quality show. The Pegasus Venue has the potential to bring in riders and horses in from all over the United States, Canada, and more.' OHJA represents Oregon's hunter/jumper community and is a key stakeholder.
• US Equestrian Federation (USEF)coreGTM or Marketing PartnerUSEF President Thomas F.X. O'Mara provided an endorsement: 'A beautiful competition venue, which will meet the needs of the greater equestrian community.' USEF is the national governing body for equestrian sport in the United States, making this a significant industry endorsement.
• Oregon Horse CouncilsupportingGTM or Marketing PartnerThe Oregon Horse Council is listed among organizations that have written letters of support for Pegasus Equestrian. They represent the broader equestrian community and industry in Oregon.
• US Pony ClubsupportingGTM or Marketing PartnerListed among organizations that have written letters of support for Pegasus Equestrian. US Pony Club is a major youth equestrian education organization.
• Southern Oregon HeritagesupportingGTM or Marketing PartnerListed among organizations that have written letters of support for Pegasus Equestrian. Regional heritage/tourism organization supporting equestrian development.
• Flying Changes FarmssupportingGTM or Marketing PartnerListed among organizations that have written letters of support for Pegasus Equestrian. An equestrian farm/operation providing industry support.

Scale indicators11 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Tryon International Equestrian Center: Mill Spring, North Carolina destination resort combining multi-discipline equestrian competition with resort amenities, restaurants, and real estate. Directly comparable mixed-use venue model serving a similar customer base of competitors and spectator-tourists.
• CHIO Aachen: Germany's preeminent equestrian venue (140 acres) and host of the annual CHIO event. Pegasus explicitly compares its 2,800+ acre footprint to Aachen; comparable as a flagship international show jumping/dressage/eventing competition venue.
• Wellington International: Premier US equestrian destination venue in Wellington, Florida, hosting the Winter Equestrian Festival. Directly comparable as a multi-discipline competition resort with climate-controlled arenas, on-site hospitality, and year-round event programming; Pegasus is explicitly positioned as the post-Wellington Pacific Northwest destination.
• Kentucky Horse Park: Lexington, Kentucky public equestrian facility combining competition venues, museums, and tourism. Comparable scale and breadth (multi-discipline, tourism-anchored) though operated as a state park; illustrates the multi-discipline + tourism model Pegasus aspires to.
• Spruce Meadows: World-renowned Calgary, Canada show jumping venue with tournaments, on-site hospitality, and cross-country course. Comparable as a high-prestige destination equestrian venue targeting international competition calendars and affluent spectator guests.
• World Equestrian Center: Year-round multi-discipline equestrian resort with venues in Ocala, Florida and Wilmington, Ohio offering climate-controlled arenas, on-site lodging, restaurants, and retail. Direct competitor for flagship hunter/jumper and dressage events with similar scale ambitions.
• Desert International Horse Park: Thermal, California venue hosting major hunter/jumper and dressage events during winter season with on-site stabling and lodging. Directly comparable West Coast competitor that Pegasus's KB Sport Horses endorsement specifically references as part of the established 'top four' venues.

Broad incumbents

• Churchill Downs: Louisville, Kentucky racetrack and home of the Kentucky Derby, operating extensive pari-mutuel wagering, hospitality, and live racing programming. Comparable for the Stirling Downs racing and ADW integration component of Pegasus's business, though Churchill is a pure-play racing operator.
• Newmarket Racecourses: UK racing and training complex on approximately 2,500 acres of training grounds plus Rowley Mile and July Course racecourses. Pegasus explicitly cites Newmarket as a comparable scale benchmark for its integrated training-and-racing estate model.

Regional players

• Nemacolin Resort: Pennsylvania luxury destination resort offering equestrian programming, hotel, spa, F&B, and adventure activities on a large footprint. Comparable as a mixed-use luxury resort anchored partly by equestrian offerings rather than primarily equestrian.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/pegasus_eq
• Facebookfacebook.com/pegasuseq
• LinkedInlinkedin.com/company/pegasuseq
• Instagraminstagram.com/pegasus_eq

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pegasus Equestrian