Since 1933, thousands of punters have enjoyed a flutter on the dogs at Walthamstow Stadium.
After it closes, some of the track's greyhounds will continue racing at other courses while others will need to be found new homes.
A group of campaigners wanted to stop the site's redevelopment and held a protest in July.
Large crowds are expected at Walthamstow for the final night of racing on Saturday.
The iconic greyhound track has been used as a location for many TV shows, films and music videos and featured on the cover of Blur's 1994 album Parklife.
The growth of high street and internet gambling has been blamed for the long term decline in betting takings at the stadium.
The track's neon sign will be kept and incorporated into the new housing development as a memento of Walthamstow Stadium.