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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 municipality separate from the Village of Ruidoso and is adjacent to the Village of Ruidoso Ruidoso.