Churchill Downs Incorporated (CDI) has finalized the previously declared takeover of Ellis Park Racetrack and Gaming Center in Kentucky for a total cost of $79 million (£73.1 million/€82.1 million).
Churchill Downs Takes Over Ellis Park in Kentucky for $79 Million
CDI will take possession of the location from Ellis Park Racing and Gaming, a subsidiary of Laguna Development Corporation, which owns Ellis Park Racing and Gaming. The agreement was given the green light by the Kentucky Horse Racing Commission earlier this month.
The transaction was financed using available cash and CDI’s current credit line.
Ellis Park is situated in Henderson, Kentucky, and hosts horse racing events and a gaming center with about 300 historical racing machines (HRM).
The acquisition agreement also includes the possibility for CDI to construct a track extension facility at the Owensboro Towne Square Mall. The new Owensboro Racing and Gaming venue will boast an entertainment center with 600 HRMs, a simulcast betting hub, and various dining choices.
CDI stated that it anticipates investing a total of approximately $75 million in Henderson County and Daviess County over the next year, in addition to the purchase price.
Our teams have been diligently working in Henderson and Owensboro,” stated CDI’s Chief Executive Officer, Bill Carstanjen. “We’re excited to soon unveil our plans for enhancing Ellis Park’s racing infrastructure and significantly increasing the prize money through Owensboro’s renowned historical horse racing program.”
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