Louisville, Kentucky, headquartered Churchill Downs Incorporated is to spend $411m on expansion projects at its home market racetrack property and Miami Valley Gaming and Racing.
The latter, located midway between Dayton and Cincinnati, is to see a $100m development add a hotel and parking garage, as well as expand the gaming floor via the inclusion up to 250 extra video lottery terminals.
The joint venture with Delaware North Gaming and Entertainment, that currently boasts over 10,000 square feet of gaming floor space, will increase the number of VLTs in operation to approximately 2,200.
The proposed project, which will include 192 rooms and suites, will create an estimated 300 construction jobs as well as more than 100 additional full-time employment opportunities.
“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.”
Furthermore, the gaming, racing and online entertainment firm is to see a further outlay of $311m on two projects at its Churchill Downs Racetrack, home of The Kentucky Derby.
Initial plans would see $300m invested to build a hotel and historical racing machine facility, as well as install additional permanent stadium seating at the racetrack.
Pending final approval of a Kentucky Tourism Development Act incentive, construction would begin in December 2019 and is targeted to be completed in November 2021.
A final expenditure of $11m would see the creation of a new “premium upscale experience,” replacing the existing Millionaires Row and delivered in time for guests at the 2020 Kentucky Derby.
“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.”