Churchill Downs Incorporated has announced the completion of the $46m transaction to acquire all outstanding equity of the Florence, Kentucky, located Turfway Park.
The Louisville, Kentucky, headquartered gaming, racing and online entertainment firm has purchased the entity through its wholly-owned subsidiary NKYRG from Jack Ohio, an affiliate of Jack Entertainment, and Hard Rock International for the cash consideration, subject to certain working capital and other purchase price adjustment
Following yesterday’s approval of the transaction by the Kentucky Horse Racing Commission, Churchill Downs has also withdrawn the race dates application related to its previously announced New Latonia Racing and Gaming project in northern Kentucky, and will not pursue the project any further.
Proposing to conduct racing in January through March and in December 2020, phase one of the $200m project was to include a historical racing machine facility featuring up to 1,500 machines, a clubhouse, food and beverage venues, one-mile synthetic main race track, inner dirt track and stabling facilities.
Phase Two of the proposed project would see the addition of a hotel, representing an incremental investment of up to $50m.
Previously commenting on the project, Kevin Flanery, president of Churchill Downs Race Track, 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 fueled by increased purses that keeps high-quality horses in Kentucky year-round and appeals to horse players nationwide.”
Following the completing, CDI is to commence planning for the demolition of the existing grandstand after the 2019-2020 meet, making way for development of Turfway Park Racing and Gaming, an up to $150m live and historical thoroughbred racing facility.
New Turfway Park is anticipated to support up to 400 direct full and part time equivalent positions and create an estimated 800 direct construction jobs.
The project will include a historical racing machine facility featuring up to 1,500 machines, a new “state-of-the-art” clubhouse, food and beverage venues and a new inner dirt track to complement the existing one-mile synthetic main race track.