The CDP opened on October 2, 1889, at a site along the west bank of the Hillsborough River in the rural community of Parkdale (amalgamated into Charlottetown in 1996).
A newer tradition since 1960, "Old Home Week" culminates in the running of the "Gold Cup and Saucer" finale at the end of the exhibition - a race which has drawn celebrities and royalty and locals alike.
The CDP grandstand originally housed a restaurant and enclosed and open viewing areas for both winter and temperate season racing.
A fire in the early 1990s among the wood-constructed horse stables led to the building of many new concrete stables, although urban development pressures around the CDP site may lead to horse owners being forced to practice their animals at another site on the outskirts of Charlottetown, leaving the CDP as primarily a race facility.
The gaming area is referred to as an Entertainment Centre, the name of the entire facility was referred to as the Charlottetown Driving Park Entertainment Centre (CDPEC) but in mid 2009 the names of the Charlottetown and Summerside facilities were rebranded as Red Shores Racetrack and Casino.