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9 hole disc golf, a great and low cost way to enjoy the outdoors with your family. If you don't own any discs, see the above link to pick some up in town.
In the adjacent village of Ruidoso Downs. Horse racing from Memorial Day to September, culminating in the major All American Futurity, a $2-million event on Labor Day that bills itself as the richest quarter-horse race in the United States.
Amazing hike in the city limits. A loop trail and an out and back trail.