[4] Semi-formal local horse flat racing meets first occurred in Montana in Deer Lodge, Helena, and Virginia City in the 1860s.

[8] Among the trustees of the new organization were such prominent Montanans as Daniel A. G. Floweree, Cornelius Hedges, Anton M. Holter, and Conrad Kohrs.

The group purchased property outside Helena (at the current location of the Montana State Fairgrounds), and construction of the racetrack began immediately.

[7] It is unclear if the track was a regular oval or if it had slightly distorted third and fourth turns which gave it an irregular oblong shape.

These are two-storied structures which gave judging officials a clear view of the finish line so that they might declare which horses won and placed in the race.

Initially, these were merely covered platforms, but they were replaced several times over the years with more elaborate, permanent structures with walls, windows, and amenities.

[14] Helena horse racing continued to gain in prestige, with owners in Denver, Colorado, and Spokane, Washington, sending entries.

[7][e] A Montana Central Railway spur reached the fairgrounds that same year, and local undocumented tradition claimed that several railroad cars of earth from Kentucky were laid on the track.

The fair's financial situation deteriorated when the state legislature significantly cut the subsidy in 1915, and a worsening decade-long drought led to fewer paying exhibitors.

[6] Although horse racing remained popular at the fairgrounds,[7] economic difficulties led to the fair's cancellation in 1926.

That year, more than 350 high-quality racehorses from the U.S., Canada, and Mexico raced at Helena, and parimutuel betting (assisted by an automatic totaliser) first occurred.

The new grandstands, designed to accommodate rodeo activities in the infield, occupied about one-eighth of the horse racing track surface.

[31] In 2005, the Lewis and Clark County Fair Board began consideration of a plan to reconfigured the old Montana State Fairgrounds for reuse.

[32] The plans called for a new grandstand and a large new exhibition building in the horse track infield, and demolition of the home stretch.

[33] Although there was support for the return of horse racing and restoration of the track, the fair board declined to amend the plan to accommodate it.

[33] In November 2006, Lewis and Clark County voters approved a $5.7 million ($8,600,000 in 2023 dollars) tax levy to implement the changes proposed by the fair board.

[1] In 2006, the Save the Track Foundation filed several lawsuits to enjoin Lewis and Clark County from implementing its reconfiguration of the fairgrounds.

The group claimed that the fair board had misled voters by failing to disclose that the horse racing track would be partially demolished and the infield used for construction.

[8] Grandstands, three sets of bleachers, an enclosed "paddock", two judging platforms, and three stables were built during the track's early history on the home stretch and first turn.