According to the latest reports, Churchill Downs have all but completed a deal with Jack Entertainment and Hard Rock International-owned Jack Ohio for Turfway Park, a race track, in Florence, Kentucky. Let’s take a look at all the details of the agreement.
According to the latest online gambling news, Churchill Downs will be looking at this deal with a keen motive to purchase the race track for $46m. Currently, the deal is subject to certain working capital and other purchase price adjustments.
Churchill Looking to Refurbish Turfway Park
Following the agreement, Churchill Downs have announced their plans to commence a $150m refurbishment plan of the property, demolishing the existing grandstand after the 2019/2020 winter thoroughbred racing meet.
The proposed plan will see the race track offer 1500 racing machines, a clubhouse, food and beverage venues and a new track.
Having received approval for the deal, Churchill Downs made it known that their previous plans of purchasing New Latonia Racing and Gaming, a $200m race track and training facility in Northern Kentucky, had been abandoned. One can only assume that the Turfway Park deal with Jack Ohio has a far greater pull for the gambling firm and at $46m, it’s a steal compared with $200m, even taking into consideration another $150m for renovating it to Churchill Downs’ liking.
Kevin Flanery, President of Churchill Downs Race Track, stated the following:
“Our team is poised to restore Turfway Park to its former glory, anchored by northern Kentucky’s first historical racing machine facility.”
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