noun
race track; racing ground
Refers to a venue or course for foot races, horse races, or other competitive running events.
その競走場では毎年大きなマラソン大会が開かれる。
A big marathon event is held at that race track every year.
競馬場 is specifically a horse racing track, whereas 競走場 can refer to any kind of running race venue.
Compound of 競走 (race, running competition) and 場 (place, ground).