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Ruidoso Downs is a city in Lincoln County, New Mexico, United States, located within the Lincoln National Forest. As of the 2020 census, Ruidoso Downs had a population of 2,620. Originally incorporated as a village, it became a city in May 2002. Known locally as "the Downs", Ruidoso Downs is a suburb of adjacent Ruidoso and is a part of the Ruidoso Micropolitan Statistical Area. The city, located along U.S. Route 70, is named after the Ruidoso Downs Race Track, which is located in the city along with the Billy the Kid Casino.