Casino and gambling operator Churchill Downs has purchased the Turfway Park venue in an all-cash deal. The company has finalized the deal for $46 million in cash.
The closure of the deal is about to take place next week as it is pending regulatory approval from the Kentucky Horse Racing Commission.
Following the deal, Turfway Park venue will continue to host a thoroughbred racing but under new ownership. Churchill Downs has also confirmed that they would be dropping their plans of the New Latonia Racing and Gaming project.
The gambling operator has also announced its plan for the Turfway venue. The existing construction would be demolished and a new building would be developed at an estimated cost of $150 million. The new venue would host both live and historical racing.
The company officials have said that the new project would create about 400 jobs and the venue will host up to 1,500 historical racing machines. It will also feature a clubhouse and a new inner dirt track.
Churchill Downs owns Derby City Gaming and a major horse racing online wagering platform, TwinSpires.com. The company has a fleet of 11,000 slots and 200 table games in its bricks-and-mortar gaming facilities.
Recently, Churchill Downs posted a 25.8 percent year-on-year increase in its revenue for the second quarter of 2019.
The surge in revenue has been attributed to the new casinos which the gambling operator acquired. The newly acquired casino pushed the company’s offsite gaming revenue by a significant 64.3 percent.