Churchill Downs Announces Agreement to Buy Turfway Park

[Wandering Eyes]

Churchill Downs Incorporated has signed a definitive agreement to acquire Turfway Park in Florence, Kentucky from Jack Ohio LLC and Hard Rock International for total consideration of $46 million in cash, CDI announced Thursday. The move comes after CDI applied for Turfway’s 2020 dates and announced plans to build a competing racetrack in the region last month. In a press release, CDI also said Turfway’s existing grandstand will be demolished “to make way for a new state-of-the-art facility.” The closing of the transaction is contingent upon approval by the Kentucky Horse Racing Commission. The KHRC has scheduled a meeting for Oct. 8 and, if the change of control is approved, the parties expect to close the transaction shortly thereafter.

“Subject to KHRC approval, the 2019-2020 winter Thoroughbred racing meet at Turfway Park will be conducted on racing dates previously awarded to Turfway Park for December 2019 and in accordance with the schedule of racing dates submitted by JACK to the KHRC for 2020,” the release said. “Upon receiving approval for the change of control, CDI will not pursue its previously announced New Latonia Racing & Gaming project in northern Kentucky and will withdraw its New Latonia race dates application with the KHRC.”

CDI said that, immediately after closing, it will commence planning for the demolition of Turfway’s grandstand to allow for the development of Turfway Park Racing & Gaming, also called “New Turfway Park,” which it will invest up to $150 million into for live racing and a historical Thoroughbred racing machine facility with up to 1,500 machines. The release additionally stated that plans are in place to build a new inner dirt track to complement the existing one-mile synthetic main track.

“We are thrilled to welcome Turfway Park to the Churchill Downs racing family,” said Kevin Flanery, President of Churchill Downs Race Track. “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 horseplayers nationwide.”

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