Churchill Downs Incorporated announced Thursday that it reached a definitive deal to acquire Kentucky-based horse racing track Turfway Park for $46 million, aiming at rehabilitating the racing facility.
In April, gambling operator JACK Entertainment sold Turfway Park to hospitality giant Hard Rock International as part of a $780 million deal that also saw the sale of JACK Cincinnati Casino.
“Our team is poised to restore Turfway to its former glory, anchored by northern Kentucky’s first historical racing machine facility. The result will be a first-class racing product fueled by increased purses that keeps high-quality horses in Kentucky year-round and appeals to horseplayers nationwide,” said Kevin Flanery, President of Churchill Downs Race Track.
The transaction is pending approval from the Kentucky Horse Racing Commission (KHRC), which will take a vote on the matter on October 8.
Churchill Downs plans to demolish the existing racetrack and start a $150 million expansion project. The renovated venue will feature a historical racing machine facility.
Previously, Churchill Downs had planned to develop a $200 million worth racing facility — the New Latonia Racing & Gaming — however, it decided not to pursue the venue after purchasing Turfway.