Churchill Down Incorporated has agreed to buy Ellis Park Racing and Gaming, Henderson, Kentucky. The total purchase price is $79m cash.
Ellis Park, located north of Ohio River is the home of Kentucky’s historic Summer Thoroughbred racing. It also has a casino with over 300 historic racing machines (HRM).
Once the Kentucky Horse Racing Commission approves, the transaction can be finalized. In the meantime, CDI is planning to make investments in the park’s racing infrastructure, and also plans to construct a track extension and entertainment venue at Owensboro Towne Square Mall. This extension will include 600 HRMs and a simulcast betting centre. There will also be various food- and beverage choices.
Additionally to the purchase price, CDI’s total investment in Ellis Park is expected to amount to $75m.
Kentucky Governor Andy Beshear said: “This is an exciting announcement for the horseracing industry, the cities of Henderson and Owensboro, and the entire Commonwealth of Kentucky.
“Churchill Downs has proven it has the experience, resources, and desire to reinvigorate Ellis Park into a premier racing destination and provide unmatched gaming entertainment.”
Bill Carstanjen, CDI CEO, added: “We are very enthused to welcome Ellis Park to the Churchill Downs racing family. Our team is committed to building a summer meet at the ‘Pea Patch’ that keeps more Kentucky-bred horses and Kentucky-based trainers’ in their home state, while attracting top horseracing talent from across the country to the Bluegrass State each July and August.”
Beshear concluded: “This investment will ensure our Kentucky horsemen and women have the best year-round racing circuit in the country and create jobs throughout the region and state. Churchill Downs is a great corporate citizen and an important part of Team Kentucky.”
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