Louisville, Kentucky, based Churchill Downs Incorporated will invest $411 m on its home market racetrack properties and Miami Valley Gaming and Racing expansion programmes.
The latter, located halfway between Dayton and Cincinnati, will see a $100 m expansion adding a hotel and parking garage and extending the gaming floor by including up to 250 new video lottery terminals.
The joint venture with Delaware North Gaming and Entertainment, which currently has a gaming floor space of over 10,000 square feet, will increase the number of VLTs in operation to around 2,200.
The proposed project, containing 192 rooms and suites, would generate an estimated 300 construction jobs as well as more than 100 new opportunities for full-time employment.
“Miami Valley Gaming has been very successful since it was built in 2013, and the team has consistently driven strong growth while also being a great asset to their community,” commented Bill Carstanjen, CEO of Churchill Downs Incorporated.
“This investment will enable MVG to meet the increased demand from a broader geographical reach and enhance the guest experience with high-quality amenities.”
In fact, at its Churchill Downs Racetrack, home of The Kentucky Derby, the poker, racing and online entertainment business will see an estimated $311 m outlay on two projects.
Initial plans would see $300 m invested in the construction of a hotel and historic racing machine facility and the installation of additional permanent stadium seats on the racetrack.
Pending final approval of an incentive for the Kentucky Tourism Development Act, construction would begin in December 2019 and is scheduled for completion in November 2021.
A final $11 m investment would see a new “premium upscale experience” being built, replacing the existing Millionaires Row and delivered to Kentucky Derby guests in time for 2020.
“Derby Week guests can wake up to the sun rising as horses breeze around the track and then have their Kentucky Derby party in their suite,” added Kevin Flanery, president of Churchill Downs Racetrack.
“Our goal is to create a one-of-a-kind experience that will honor the history of the Derby and provide a venue for our guests, the community and visitors of Louisville to enjoy throughout the year.”