Mike Carter is a Certified Public Accountant with a practice in Dallas, and an entrepreneur investing in different businesses, including owning and racing thoroughbred and quarter horses.
In the early 1980s, he was a financial advisor to B. F. Phillips, Jr., an AQHA legend who, as head of the Texas Horseracing Association, spearheaded the drive to return pari-mutuel racing to the Lone Star State.
Phillips was a former president of the American Quarter Horse Association and breeder of the legendary Dash For Cash, from his ranch in then very rural Frisco, Texas. He had put together the group to unite all horsemen in an effort to pass a bill to return big-time racing to Texas. Phillips died shortly after the legislation was enacted in the fall of 1987.
As executor of Phillips Estate, Carter ran the Phillips Ranch and eventually got involved with a group to work on the enabling legislation that would lead to making live racing in Texas a reality. He ran the Phillips Ranch operations until the horses were sold in 1993. Like Phillips before him, Mike was involved with both the Texas Thoroughbred Association and the Texas Quarter Horse Association. Soon he was active with both breeds as an owner and breeder. He is a lifetime member of the TTA, TQHA, and the AQHA.
When Trinity Meadows opened just west of Fort Worth, Mike went to the winner’s circle with horses such as Bayou Sunset (TB), multiple stakes winner, track record setter and Texas Champion. Mike was part of the original group (Lone Star Jockey Club) investing with Preston Carter (no relation) and Jim Musselman to obtain the horse racing license for the DFW area. He was a key member of this group working to get the license. After the racing commission awarded the license to Lone Star Jockey Club, multiple lawsuits were filed to contest the decision. This license was the only contested one of the three Class 1 licenses.
He was the co-interim general partner, collaborating with many people to resolve the disputes over the license. When Lone Star Park at Grand Prairie opened just north of Interstate 30 on 315 acres of land in 1997, it was immediately the crown jewel of the horse industry in this part of the country.
A huge crowd of over 21,000 attended the grand opening on April 17, 1997, almost 10 years after the historic vote for pari-mutual racing. Over $1.4 million was wagered that day. Lone Star staged one of the most successful inaugural seasons in American racing history. The average daily handle (money bet) during the first meet was $2.4 million, ranking it number 1among all major U.S. tracks built since 1970. As a follow-up to its first season, in 1998 Lone Star became the first track in modern history to increase its attendance in its second year of operation.
Everyone knew Lone Star had arrived the year it opened, but it was proved to the entire horse racing world when only seven years after the track opened it hosted the 2004 Breeders’ Cup World Championships.
On his own and with partnerships, Mike and his wife Fredi continue to be involved in the horse racing business today.
In the early 1980s, he was a financial advisor to B. F. Phillips, Jr., an AQHA legend who, as head of the Texas Horseracing Association, spearheaded the drive to return pari-mutuel racing to the Lone Star State.
Phillips was a former president of the American Quarter Horse Association and breeder of the legendary Dash For Cash, from his ranch in then very rural Frisco, Texas. He had put together the group to unite all horsemen in an effort to pass a bill to return big-time racing to Texas. Phillips died shortly after the legislation was enacted in the fall of 1987.
As executor of Phillips Estate, Carter ran the Phillips Ranch and eventually got involved with a group to work on the enabling legislation that would lead to making live racing in Texas a reality. He ran the Phillips Ranch operations until the horses were sold in 1993. Like Phillips before him, Mike was involved with both the Texas Thoroughbred Association and the Texas Quarter Horse Association. Soon he was active with both breeds as an owner and breeder. He is a lifetime member of the TTA, TQHA, and the AQHA.
When Trinity Meadows opened just west of Fort Worth, Mike went to the winner’s circle with horses such as Bayou Sunset (TB), multiple stakes winner, track record setter and Texas Champion. Mike was part of the original group (Lone Star Jockey Club) investing with Preston Carter (no relation) and Jim Musselman to obtain the horse racing license for the DFW area. He was a key member of this group working to get the license. After the racing commission awarded the license to Lone Star Jockey Club, multiple lawsuits were filed to contest the decision. This license was the only contested one of the three Class 1 licenses.
He was the co-interim general partner, collaborating with many people to resolve the disputes over the license. When Lone Star Park at Grand Prairie opened just north of Interstate 30 on 315 acres of land in 1997, it was immediately the crown jewel of the horse industry in this part of the country.
A huge crowd of over 21,000 attended the grand opening on April 17, 1997, almost 10 years after the historic vote for pari-mutual racing. Over $1.4 million was wagered that day. Lone Star staged one of the most successful inaugural seasons in American racing history. The average daily handle (money bet) during the first meet was $2.4 million, ranking it number 1among all major U.S. tracks built since 1970. As a follow-up to its first season, in 1998 Lone Star became the first track in modern history to increase its attendance in its second year of operation.
Everyone knew Lone Star had arrived the year it opened, but it was proved to the entire horse racing world when only seven years after the track opened it hosted the 2004 Breeders’ Cup World Championships.
On his own and with partnerships, Mike and his wife Fredi continue to be involved in the horse racing business today.