I just now updated to 7.5 from 7.3, then updated my .bashrc to have the correct path. I'm using GNU Emacs in Terminal on OSX 10.11.
$ echo $PATH
[...stuff that isn't Racket...]:/Applications/Racket_v7.5.0.10/bin:[...stuff that isn't Racket...]
From a .rkt file:
C-c C-c
Welcome to Racket v7.3.
; Kill the Racket command server buffer
C-x C-k
; back to the .rkt file, try again
C-c C-c
Welcome to Racket v7.3.
; kill and restart emacs
C-x C-c
$ emacs
C-c C-c
Welcome to Racket v7.3.
Killing and restarting Terminal and reloading Emacs from scratch finally worked.
Is there any way that I could have resolved this without getting quite so nuclear? I googled around and could not find anything.