Churchill Downs Incorporated’s buying spree continues, and this time they’re staying inwards Kentucky. On Thursday, the Louisville-based gaming companionship proclaimed it would win Henderson racetrack Ellis Park from Laguna Development Corp. (LDC) for $79 million.
The business deal is detail on the Kentucky Horse Racing Commission (KHRC) approbative the sale, and Churchill’s annunciation indicated the business deal would potential faithful shortly after that occurs.
Ellis Mungo Park operates the summertime come across on Kentucky’s horse racing circuit, and CDI CEO Bill Carstanjen said inward a financial statement that’s unlikely to change.
Our team is committed to edifice a summertime fulfill at the ‘Pea Patch’ that keeps more Kentucky-bred horses and Kentucky-based trainers’ inwards their nursing home country piece attracting cover Equus caballus racing talent from across the state to the Bluegrass Region State for each one July and August,” he said.
Besides the horse opera Kentucky track, John Churchill Downs also acquires the rights to make grow a artificial satellite installation inwards Owensboro, a city of 50,000 people placed nigh 25 miles east of Henderson. That installation will innkeeper a simulcasting center, a historical gymnastic horse racing (HHR) locus with 600 machines, and several solid food and drinkable options.
Including the Owensboro project, Winston Churchill Downs said it plans to place $75 jillion inwards Ellis Park. Duke of Marlborough Downs Senior Vice President of Corporate Development Jason Sauer said more details would live announced in the close future.
“The chance to wreak Winston S. Churchill Downs to Owensboro is particularly substantial to us,” he said. “We are eager to scratch line the put to work to elevate Ellis Park’s report as a summertime destination for Thoroughbred racing spell delivering a premiere gaming and entertainment get to Daviess County.”
Laguna Bought Track in 2019
LDC, which manages gaming trading operations for the Pueblo of Laguna tribal nation inwards New Mexico, purchased Ellis Mungo Park inward June 2019 for $11 million. a month later, LDC announced plans for a $55 one thousand thousand inspection and repair of the track.
But those plans languished as the COVID-19 pandemic hit. Last fall, LDC officials presented a $14.2 billion advance plan and told nation racing officials that they had undertaken several maintenance projects to improve trading operations at the now-100-year-old track.
In its financial statement announcing the sale, LDC said that it “transformed” the cartroad “into a warm competitor inward the Bluegrass State racing and gaming market.” According to KHRC’s June report, Ellis Park had 307 HHR terminals at the track. That’s allay the smallest of the VII inwards operation, but to a greater extent than the 179 the rail held when LDC bought the track.
“This dealings is an opportunity to bring forth a significant profit for the Pueblo of Laguna,” LDC President and CEO Maxine Velasquez said inwards a statement. “The cash in generated past the sale provides much-needed capital to improve and expand LDC businesses in New Mexico, benefit our shareholders, and bring forward future concern developing efforts.”
Purchase Should Bolster KY Racing
Once finalized, Ellis Park testament follow the 3rd Kentucky thoroughbred rails John Churchill Downs owns. Besides the namesake track, the society also owns Turfway Mungo Park in Northern Kentucky. CDI bought the track from JACK Entertainment in 2019.
Earlier this month, society officials celebrated the grand opening of a new $145 zillion grandstand and gaming locale that includes 800 HHR machines and ii restaurants. Winston S. Churchill also owns Oak Grove Racing and Gaming, a harness cart track and HHR parlour close the Kentucky-Tennessee say line of business nigh Clarksville, TN.
Senate Majority Floor Leader Damon Thayer (R-Georgetown) told Casino.org he welcomed Churchill’s determination to purchase Ellis Park, saying it will only assist improve Kentucky’s year-around racing circuit.
“Getting Ellis Park’s facilities and purses to a higher raze is the shoemaker's last bit of the teaser for KY racing, and it speaks volumes that Sir Winston Leonard Spenser Churchill Downs is willing to pass this kind of money to gain the property,” said Thayer, a veteran racing manufacture official. “Tens of millions more is requisite to rise both the equid and human facilities inward Henderson, and to build the young rails extension service in Owensboro. i feature good faith and confidence in John Churchill Downs’ allegiance to do these things, and I looking forrard to next its progress.“
Churchill’s Wheeling and Dealing
The purchase of Ellis Park is the in style(p) in a serial of transactions CDI has made inwards the yesteryear year.
Last week, the accompany unsympathetic on the purchase of Chasers Poker Room in New Hampshire, which it proclaimed support inwards March. CDI plans to put $150 gazillion inward the acquisition, which will include installing upwards to 800 HHR machines inwards the charitable gaming locale 30 miles magnetic north of Boston.
The society is also awaiting closure on its business deal to gain to the highest degree of Peninsula Pacific Entertainment’s gaming portfolio. That includes the del Lago gambling casino inwards upstate New House of York and Colonial Downs racetrack in Virginia.
Churchill has also been on the selling side of meat of deals, too. Most notably, finally Sept it in agreement(p) to sell Arlington Mungo Park inward Land of Lincoln to the Windy City Bears, who are considering the 327-acre installation for a young stadium. Last month, it in agreement(p) to sell a 40% post inwards its United Tote naval division to NYRA as the ii racing giants contrive to pretend parimutuel racing usable through online sportsbooks.
In improver to that, CDI also won the licence to undecided a gambling casino inward Terre Haute, IN, in conclusion November. The accompany stone-broke ground on the $260 one thousand thousand project in June.
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