One of the texts hidden in the code:

00_59_18_0001:Quick race

06_58_00_0004:Select your racer
or selection of the race suit from Vito´s wardrobe:
Soubor:02 003.gif
00_64_04_0046: Race suit

There is a speculation that it could be an option in the multiplayer as Mafia 1 had originally a race multiplayer. Also it could be an option to

put stakes on horses or dogs as mentioned here.

Question: Will there be racing inside or outside of missions?

2k answer: We have car chases within the story, but Vito won’t be drag racing – he has work to do!

Source: 2k forum