Definitions for fairgroundˈfɛərˌgraʊnd
Random House Webster's College Dictionary
Often, fairgrounds. a place where fairs, horse races, etc., are held, esp. an area set aside by a county, city, or state for an annual fair and containing exhibition buildings.
Origin of fairground:
an open area for holding fairs or exhibitions or circuses
The area where the fair and all its festivities are.
Origin: from fair + ground