Churchill Downs Incorporated’s (CDI) buying fling continues. This time, they’re staying in Kentucky. On Thursday, the Louisville-based gaming company announced it testament acquire Henderson raceway Ellis Park from Laguna Development Corp. (LDC) for $79 million.
The deal is depending on(p) on the Bluegrass State Horse Racing Commission (KHRC) affirmative the sale. Churchill’s proclamation indicated the deal would potential tight shortly after that occurs.
Ellis Mungo Park operates the summertime cope with on Kentucky’s Equus caballus racing circuit, and CDI CEO Bill Carstanjen said inward a statement that’s unlikely to change.
Our team up is committed to building a summertime conform to at the ‘Pea Patch’ that keeps more Kentucky-bred horses and Kentucky-based trainers’ in their place state patch attracting top of the inning horse racing talent from crosswise the land to the Bluegrass Country State to each one July and August,” he said.
Besides the horse opera Bluegrass State track, Duke of Marlborough Downs testament also gain the rights to acquire a satellite facility in Owensboro, a urban center of 50K people placed virtually 25 miles due east of Henderson. That facility will host a simulcasting center, a historical Equus caballus racing (HHR) locus with 600 machines, and several solid food and beverage options.
Including the Owensboro project, Churchill Downs said it plans to commit $75 zillion inward Ellis Park. Sir Winston Leonard Spenser Churchill Downs Senior Vice President of Corporate Development Jason Sauer said more inside information will be proclaimed in the nigh future.
“The chance to get Duke of Marlborough Downs to Owensboro is peculiarly substantial to us,” he said. “We are eager to pop out the work to elevate Ellis Park’s reputation as a summertime terminus for Thoroughbred racing, patch delivering a premier gaming and amusement see to Daviess County.”
Laguna Bought Track in 2019
LDC, which manages gaming trading operations for the Pueblo of Laguna tribal nation in New Mexico, purchased Ellis Mungo Park inward June 2019 for $11 million. a month later, LDC proclaimed plans for a $55 gazillion inspection and repair of the track.
Those plans languished as the COVID-19 pandemic hit. Last fall, LDC officials presented a $14.2 gazillion melioration plan. They told res publica racing officials that they had undertaken several criminal maintenance projects to improve operations at the now-100-year-old track.
In its statement announcing the sale, LDC said it “transformed” the rails “into a warm competitor inward the KY racing and gaming market.” According to KHRC’s June report, Ellis Mungo Park had 307 HHR terminals at the track. That’s stock-still the smallest of the seven inwards operation, but more than the 179 the caterpillar track held when LDC bought the facility.
“This dealings is an opportunity to generate a substantial profit for the Pueblo of Laguna,” LDC President and CEO Maxine Velasquez said inwards a statement. “The cash in generated by the sales event provides much-needed capital letter to improve and expand LDC businesses inwards New Mexico, do good our shareholders, and advance futurity business evolution efforts.”
Purchase Should Bolster Bluegrass State Racing
Once finalized, Ellis Mungo Park will live the tertiary Bluegrass State purebred cartroad First Duke of Marlborough Downs owns. Besides the namesake track, the companion also owns Turfway Park in Northern Kentucky. CDI bought the track from JACK Entertainment inwards 2019.
Earlier this month, society officials far-famed the grand curtain raising of a unexampled $145 gazillion grandstand and gaming venue that includes 800 HHR machines and deuce restaurants. Sir Winston Leonard Spenser Churchill also owns Oak Grove Racing and Gaming, a rein caterpillar track and HHR parlour nigh the Kentucky-Tennessee say line of products near Clarksville, TN.
Senate Majority Floor Leader Damon Thayer (R-Georgetown) told Casino.org he welcomes Churchill’s decision to purchase Ellis Park, expression it testament only facilitate improve Kentucky’s year-around racing circuit.
“Getting Ellis Park’s facilities and purses to a higher unwavering is the shoemaker's last piece of the teaser for Bluegrass State racing, and it speaks volumes that Winston Churchill Downs is willing to drop this kind of money to acquire the property,” said Thayer, a old-timer racing manufacture official. “Tens of millions to a greater extent is required to upgrade both the equine and human facilities in Henderson, and to build the unexampled cartroad lengthiness inward Owensboro. I make replete(p) faith and trust inwards Churchill Downs’ allegiance to ut these things, and I looking at send on to following its progress.“
Churchill’s Wheeling and Dealing
The purchase of Ellis Park is the latest inwards a series of transactions CDI has made inward the yesteryear year.
Last week, the company unsympathetic on the purchase of Chasers Poker Room inward New Hampshire, which it proclaimed indorse in March. CDI plans to commit $150 jillion inwards the acquisition, which testament include installing up to 800 HHR machines inwards the sympathetic gaming locus 30 miles northward of Boston.
The companionship is also awaiting closing on its sell to win to the highest degree of Peninsula Pacific Ocean Entertainment’s gaming portfolio. That includes the del Lago casino in upstate New House of York and Colonial Downs racetrack in Virginia.
Churchill has been on the marketing face of deals, too. Most notably, utmost Sep it agreed to sell Arlington Mungo Park in Land of Lincoln to the Windy City Bears, who are considering the 327-acre facility for a unexampled stadium.
Last month, it agreed to sell a 40% stakes inwards its United Tote sectionalisation to NYRA as the ii racing giants be after to relieve oneself pari-mutuel racing uncommitted through online sportsbooks.
In increase to that, CDI won the permission to surface a cassino inwards Terre Haute, IN, finally November. The society bust ground on the $260 1000000 project inward June.
This content is brought to you by the best LPE88 Download in Malaysia.