Co-located with Eihusen Arena and the grounds of the Nebraska State Fair, it is named after its original land owner August L. Fonner, and first held races in 1954.

The Old Reliable Hereford Show and Sale was held as its first livestock exhibition in September, before beginning its inaugural season of racing on April 29, 1954.

[7] On March 16, 2020, live racing at Fonner Park was suspended due to health and safety concerns related to the COVID-19 pandemic.

While grandstands would be closed to the public, spectators would still be able to watch from the track's parking lot, and use its geofenced betting app while on the grounds.

Fonner Park CEO Chris Kotulak noted that the track only received 3% of the revenue from OTB, meaning that higher numbers would be needed to cover purses and employee salaries.

[14] Fonner Park simulcasts were also being picked up in countries such as Australia, England, France, and South Africa,[17][14] while the Grand Island Independent described the track as having temporarily become "the center of the horse racing world".