Louisville-headquartered racetrack and casino driver, Churchill Downs Inc. (NASDAQ: CHDN), has apparently entered right into a contract to obtain the Thoroughbred racetrack in North Kentucky, Turfway Park, from Jack Ohio LLC and Hard Shake Worldwide.
The $46 million deal is contingent on authorization by the Kentucky Equine Racing Compensation (KHRC), which will satisfy on Tuesday.
"Our group is positioned to restore Turfway to its previous magnificence."
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Inning accordance with the Associated Push via the West Kentucky Star…
…Churchill Downs' plans consist of the demolition of the five-story grandstand located simply outside the city limits to the north of Florence, Kentucky following the track's 2019-20 satisfy, with the building of a $150 million racing and gambling property on the website to start after that.
The one-mile Polytrack oblong with quarter-mile and 6½ furlong chutes opened up in 1959 as Latonia Race Course.
Fast turn:
In April 2019, Jack Entertainment, component of Detroit billionaire Dan Gilbert's realm, consented to sell the equine racing track to Hard Shake Worldwide as component of a $780-million packed deal that would certainly also consist of Jack Cincinnati Casino, which accounted for the lion's share ($745 million) of the price. The Seminole People of Florida-owned company said as it would certainly invest "considerable bucks" on the North Kentucky racetrack, but shows up to have opted to quickly offload the property.
KHRC application withdrawn:
Turfway will apparently keep its 2019-20 winter racing days the openly traded company had looked for for its "Latonia Racing & Video pc gaming" project in Campbell Region. The official application sent in September to the KHRC looking for consent to bring winter thoroughbred horseracing meets to the planned location will apparently currently be withdrawn.
Discussing the purchase, Head of state of Churchill Downs, Kevin Flanery, said in a current push release…
"Our group is positioned to restore Turfway to its previous magnificence, secured by north Kentucky's first historic racing machine center," said Kevin Flanery, head of state of Churchill Downs Race Track. "The outcome will be a first-rate racing item sustained by enhanced handbags that maintains top quality equines in Kentucky year-round and attract horseplayers across the country."
The Detroit Free Push further records that also discussing the deal was Chief Exec Policeman for Jack Entertainment, Note Dunkeson, that said…
"Throughout the affordable bidding process process, JACK Entertainment held fast to the idea that the new proprietor of Turfway Park must be dedicated to maintaining the historical racing organization a solid component of the North Kentucky racing community.
"We understand that Churchill Downs has Turfway's benefits in mind and will ensure that Turfway remains a remarkable center that's well-positioned to continue the abundant background of thoroughbred racing."
Historic racing:
