He and older brother Philip made a fortune in the meat packing industry, supplying butcher shops, eating establishments and hotels.
During the 1880s, the Dwyer brothers entered into a leasing arrangement for the Prospect Park Fair Grounds Trotting Track which they operated so successfully that they decided to build their own racing facility.
In the early 1890s they came under severe criticism from a group of horse trainers who claimed the Dwyers routinely acted in their own self interests to the detriment of the competitors and the public.
The trainers called for change and were soon joined by a group of prominent owners such as James R. Keene and August Belmont, Jr.[6] The matter culminated with the 1894 formation of The Jockey Club.
[8] The 2004 book Women of the Year - Ten Fillies Who Achieved Horse Racing's Highest Honor said that by the time Dwyer died, reporters believed that he had lost more than $1.5 million betting on favorites.