Churchill Downs Inc To Upgrade Kentucky’s Turfway Park

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Gaming operator Churchill Downs Incorporated (CDI) has entered into an agreement in Florence, Kentucky to acquire and upgrade the Turfway Park racetrack.

CDI announced on Thursday an agreement to acquire Turfway Park for $46m in cash from its current owners JACK Entertainment. Assuming that the sale is approved by the Kentucky Horse Racing Commission on 8th October, the parties plan to close the deal’ shortly thereafter.’

Casino operator Hard Rock International (HRI), which reached an agreement in April to purchase Turfway as part of HRI’s acquisition of JACK’s Cincinnati casino, will receive $10 m of the $46 m CDI for Turfway, a pretty good return on what’s going to be profitable.

CDI says it will continue with Turfway’s racing schedule by March 2020, but will then demolish the 60-year-old grandstand and spend another $100 m or so on building Turfway Park Racing & Gaming, a new’ state-of-the-art live and historic thoroughbred racing facility’

The’ historical’ aspect applies to Kentucky’s version of slot machines, also known as’ historical’ racing or’ instant ‘ gaming machines. which are successful as demonstrated by the 1,000 computers currently making bank at the Derby City Gaming location at the Kentucky racetrack flagship of CDI. CDI claims that up to 1,500 of the machines will feature the new Turfway venue.

Gaming operator Churchill Downs Incorporated (CDI) has entered into an agreement in Florence, Kentucky to acquire and upgrade the Turfway Park racetrack.

CDI announced on Thursday an agreement to acquire Turfway Park for $46 m in cash from its current owners JACK Entertainment. Assuming that the sale is approved by the Kentucky Horse Racing Commission on 8th October, the parties plan to close the deal’ shortly thereafter. ‘

Casino operator Hard Rock International (HRI), which reached an agreement in April to purchase Turfway as part of HRI’s acquisition of JACK’s Cincinnati casino, will receive $10 m of the $46 m CDI for Turfway, a pretty good return on what’s going to be profitable.

CDI says it will continue with Turfway’s racing schedule by March 2020, but will then demolish the 60-year-old grandstand and spend another $100 m or so on building Turfway Park Racing & Gaming, a new’ state-of the-art live and historic thoroughbred racing facility.’

The’ historical’ aspect applies to Kentucky’s version of slot machines, also known as’ historical’ racing or’ instant ‘ gaming machines. which are successful as demonstrated by the 1,000 computers currently making bank at the Derby City Gaming location at the Kentucky racetrack flagship of CDI. CDI claims that up to 1,500 of the machines will feature at the new Turfway venue.

Churchill Downs Race Track Chairman Kevin Flanery said that CDI will “restore Turfway to its former glory, anchored by northern Kentucky’s first historical racing machine facility.” The revenue generated by the machines would increase the purses that, in effect, will fuel “a first-class racing product.”

The Turfway sale is the latest in JACK owner Dan Gilbert’s plan to sell his casino investments, a move that started last November with the sale to Caesars Entertainment of JACK’s Greektown Casino in Detroit and their real estate investment trust.

 

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