Churchill Downs Incorporated has announced that the $46 m deal will be completed to buy all of Florence, Kentucky, Turfway Park’s remaining capital.
The Louisville, Kentucky, based gaming, racing and online entertainment corporation acquired the business from Jack Ohio, an associate of Jack Entertainment, and Hard Rock International for cash considerations through its fully-owned subsidiary NKYRG, pursuant to certain working capital and other modification of the purchase price following the approval of the Kentucky Ho transaction yesterday
Proposing racing in January through March and December 2020, the first phase of the $200 million plan was to include a historic racing machine complex with up to 1,500 machines, a clubhouse, food and beverage facilities, a one-mile synthetic main race track, internal dirt track and stable facilities.
Phase Two of the proposed project would see a hotel being constructed, reflecting an additional investment of up to $50 million. Commenting on the plan in the past, Churchill Downs Race Track president Kevin Flanery had said: “We are thrilled to welcome Turfway Park to the Churchill Downs racing family. Our team is poised to restore Turfway to its former glory, anchored by northern Kentucky’s first historical racing machine facility.
“The result will be a first-class racing product fuelled by increased purses that keeps high-quality horses in Kentucky year-round and appeals to horse players nationwide.”
Upon completion, CDI will begin planning to demolish the current grandstand upon meeting in 2019-2020, making way for the construction of Turfway Park Racing and Gaming, a live and historic thoroughbred racing facility worth up to $150 million.
It is expected that New Turfway Park will fund up to 400 new full and part-time equivalent positions and generate an additional 800 direct jobs.
The plan will include a historic racing machine facility with up to 1,500 machines, a new state-of – the-art clubhouse, food and drink facilities, and a new internal dirt track complementing the current one-mile artificial main race track.