In 1984, Cattle Congress was in some serious financial trouble, and it believed the only way out would be if it could build a pari-mutuel greyhound racetrack. National Cattle Congress President Dick Klingaman believed the only way the National Cattle Congress would ever be fiscally reliable again would be if it could reap the benefits of a gambling operation. Klingaman was successful in lobbying the Iowa State Legislature, and in 1984 the Cattle Congress board was given a state license to build and operate a pari-mutuel greyhound racetrack. The construction of the greyhound track took two years. On October 15, 1986, Waterloo Greyhound Park opened its doors to the public. Waterloo Greyhound Park President Augie Masciotra had predicted great things for the track only a few months before. "It’s gong to be first-class.  It’s going to be the only game in town." His words were not to be very prophetic.

     The first year the track was open it boasted a $600,000 profit and the Cattle Congress posted a $519,000 gain. After the first year the track began a downward spiral. In September of 1988 the track paid $700,000 on $6.2 million dollar debt, twice what was expected. The Cattle Congress had net loss of $82,000. In September of 1989 Masciotra admitted that the track was having financial troubles. He also stated that a track failure would mean the banks would own the track and Cattle Congress. In July of 1991 the track made a profit of $240,000, but the Cattle Congress lost $371,000. In April of 1992 Masciotra asked the city for tax breaks and year-round gambling to help keep the track afloat.

     Things were not looking too bright for the Greyhound racetrack, and what was to be its final undoing occurred in 1992. In December of 1992 Mesqaukie Casino in Tama, Iowa, opened its doors. With the casino only thirty minutes away from Waterloo and providing gambling activities closely resembling Las Vegas style, the dog track did not have long to live. While Waterloo Greyhound Park did have its troubles, it did serve a temporary purpose. According to a bankruptcy auditor in 1993, "NCC would have folded eight years prior if not for the track's annual cash infusions".

     The NCC and Greyhound Park were in big trouble and one of the causes of their trouble was the Mesquakie Casino. But in an ironic twist, it would be the Mesquakies who would eventually bail the NCC out of bankruptcy. The Cattle Congress organization also pursued a change in Iowa law to allow slot machines in Iowa pari-mutuel-racing establishments. It believed the only way to save the Waterloo Greyhound Park was to allow slot machines so that it could compete with the Mesquakie Casino. On March 31, 1994, a law allowing expanded gambling with local voter’s approval, became law. This was to be the beginning of a tense relationship between pro-gambling and anti-gambling factions in Black-Hawk County.