SACO – Scarborough Downs has secured an option to buy 69 acres along Route One just south of the Scarborough town line, where it might build a horse track should Saco decide to allow a so-called “racino” within its borders.

Scarborough Downs owner Sharon Terry said this week that she would consider relocating the track after Scarborough residents rejected a slot machine referendum in the Nov. 4 election. Voters statewide approved a referendum allowing horse tracks with slot machines, known as “racinos,” but only if the host town approves them as well.

The option in Saco, located four miles south of Scarborough Downs, includes abandoned farmland and a 200-year-old farmhouse now used as a two-unit home. The land has 760 feet of frontage on Route One and abuts Stuart Brook on its western edge.

The parcel is within boundaries where Saco says it would permit a racino, and it is on Route 1, which is already heavily commercial.

“It’s a site that would be amenable for a racetrack and could be operated profitably there,” said Martin Gersten, a lawyer from Newtown, Conn., who is working with Scarborough Downs.

An obstacle for any developer is the lack of sewer lines along that stretch of Route 1. The city has estimated that extending service could cost several million dollars, according to Peter Morelli, Saco’s development director.

Scarborough Downs would continue operations at its existing location until a new track can be built, said Kathryn Rolston, a spokeswoman for the track. The goal is to not interrupt racing for the people who depend on Scarborough Downs for their livelihoods, she said.

Scarborough Downs owns 500 acres. The 53-year old track, buildings, barns and parking take up 106 acres of that total. The raceway needs between 50 and 125 acres to relocate, Rolston said.

While the company has the most interest in the Saco parcel, it continues looking at other sites in the area, she said.

Saco city councilors met with representatives from Scarborough Downs Wednesday night to examine the possibility of relocating the racetrack and scheduling a local referendum to allow video gambling. No decision was made on whether to hold a local election on the issue.

The Nov. 4 referendum to allow slot machines at Scarborough Downs and Bangor Historic Raceway passed 53 percent to 47 percent statewide. Saco voters approved the measure 3,877 to 3,342.