In 1929, William Thomas Waggoner (1852-1934), Texas pioneer, oilman, cattle baron, thoroughbred horse enthusiast, and philanthropist built the $2 million Arlington Downs Racetrack. Arlington's first major recreation venue. E. Paul and Guy, Waggoner's sons, were involved in creating the state-of-the-art facilities and landscaped grounds. The excitement of horse racing attracted huge crowds of celebrities, politicians, and locals. The Three D's Stock Farm and Racetrack were located at Division Street (Bankhead Highway) and Highway 360.
The first "no bet meet" commenced on November 6, 1929. In 1933, the Texas Legislature passed the state's parimutuel racing law. In anticipation of a long tradition of legal wagering in Texas, Waggoner invested another $1 million enlarging the facility. The legendary Ben Jones was a trainer at Arlington Downs and Waggoner's contract jockey, Tommy May, was joined by popular jockeys Eddie Arcaro, George Woolf, Buddy Haas, George Seabo, and Johnny Longden.
In 1937, the state legislature repealed the parimutuel laws, which led to the demise of Arlington Downs Racetrack. This concrete water fountain with etched horses and jockeys was built between 1929 and 1937. It represents the last intact artifact in its original location remaining from W. T. Waggoner's historical Arlington Downs Racetrack.