In the mid-1960s, real estate developer Stephen A. Calder envisioned summertime racing in Florida; in 1965, on the advice of Mr. Calder, the Florida Legislature approved a bill allowing for it. Prior to this time, a fall meet was held at Tropical Park Race Track in Miami and a spring meet at Gulfstream Park in Broward County. In 1970, Stephen Calder received a permit for summertime racing but the meet was run at Tropical Park because construction was not complete at Calder. On May 6, 1971 Calder Race Course held its first day of racing. When William L. McKnight became the new owner of Tropical Park, he stated his intentions of closing the track and switching the dates to the Calder track, of which he was one of the principal investors. Racing ceased at Tropical Park in 1972.
The 1980s brought about renovations and expansions and two purchases. The first purchase was by Bertram R. Firestone and the second was by Kawasaki Leasings, Inc. In 1992 the "Festival of the Sun" was introduced. By 1997, simulcasting was introduced (so bets could be placed on Calder races from other tracks and off-track locations). The handle increased significantly; the track increased purses. In January 1999, Churchill Downs Incorporated purchased Calder Race Course for approximately $86 million. In the first years of the new century the track introduced the "Florida Million" and the "Summit of Speed".
Calder's Summit of Speed has produced several Breeders' Cup champions and Eclipse Award winners since its start in 2000. (The Eclipse award is the highest honor bestowed in American racing). In its short history, the Summit of Speed has attracted some of the country's top sprinters, including Cajun Beat and Orientate who both went on to win Breeders' Cup Sprint championship races (Orientate 2002, Cajun Beat 2003). Plus, in 2005, Lost in the Fog won at Calder, although was later defeated in the Breeders' Cup. The Summit of Speed has turned out to be the single biggest day in the history of Calder. In 2004, over $10.8 million was wagered on the event.
The "Florida Million" is a $1.2 million dollar 8 race stakes program for Florida-breds taking place late in the year. These races consist of the $200,000 Carl G. Rose Classic Handicap, the $150,000 Bonnie Heath Turf Cup Handicap, the $200,000 Elmer Heubeck Distaff Handicap, the $150,000 Jack Dudley Sprint Handicap, the $100,000 Arthur Appleton Juvenile Turf, the $150,000 Joe O’Farrell Juvenile Fillies, the $150,000 Jack Price Juvenile, and the $100,000 John Franks Juvenile Fillies Turf.
In 2003, the unincorporated area where Calder is located became the City of Miami Gardens, the third largest city in Miami-Dade county.
On June 4, 2005, jockey Eddie Castro set the North American record for the most wins in a day at one track, winning 9 races at Calder.
In late-2009, Calder changed its official name to Calder Casino & Race Course, and opened Studz Poker Club, a 29-table card room located in the Grandstand.
The grand opening of the Calder Casino was celebrated in January 2010.
The world record for the most spent on a Thoroughbred at sale took place at Calder in 2006 when a two-year-old horse sold for $16 million. The horse was later named The Green Monkey.