Churchill Downs racetrack comes to Owensboro.
The horse racing mecca announced Thursday that it has acquired Henderson-based Ellis Park Racing & Gaming for $79 million in cash. Ellis Park Racing & Gaming was developing Owensboro Racing & Gaming. This is a planned track expansion and entertainment facility at Town Square Mall.
Churchill Downs Racecourse will take over the project.
Jason Sauer, Senior Vice President of Corporate Development, Churchill Downs, said: “We want to begin work to enhance Ellis Park’s reputation as a summer destination for Thoroughbred racing while providing Davis County with the best gaming and entertainment experience.”
Completion of the acquisition is subject to approval by the Kentucky Racing Commission, which is scheduled to meet on Tuesday to review the matter.
Officials are celebrating the already announced deal.
“This is an exciting announcement for the horse racing industry, the cities of Henderson and Owensboro, and Kentucky as a whole,” said Kentucky Governor Andy Beshear.
Owensboro Mayor Tom Watson said: “We are very excited to announce that Churchill Downs has purchased Ellis Park and is proceeding with plans to build a games and entertainment facility in Owensboro.” A globally recognized name, their investment in our city will create jobs, boost tourism and generate further economic development.”
The Ellis Park-led Owensboro Racing & Gaming project was originally set to be completed by early 2023 at an estimated cost of $16.7 million.
Sauer indicated that the timeline could be extended as Churchill Downs has a “new look” at how to make it bigger and better. The facility will feature at least 600 “historic racing machines” (where people can bet on old races), a simulcast betting center, and multiple food and beverage options.
“Our team will review the design to make sure this project is done right. Seeing what we’ve done in Kentucky and beyond, we want to go big,” he told Messenger-Inquirer. rice field.
As part of the acquisition, Churchill Downs has committed to invest an additional $75 million in facilities in Henderson and Davis counties.
Sauer said the “large majority” of that investment will go to the Owensboro development.
Sauer added that Owensboro was the main reason Churchill Downs sought a takeover.
Churchill Downs, which hosts the Kentucky Derby as well as being involved in online betting and casino gaming, has been in a buying up situation lately. He is in the midst of his $2.75 billion bid to acquire Peninsula Pacific Entertainment, which owns various racing and gambling properties.
Just as the online betting industry has grown over the last few years, so has Churchill Downs, with its share price up nearly 200% over the past five years, closing Thursday at $66.57 to $199.65.
“We are in the middle of a tremendous growth trajectory. [in Owensboro] It’s a personal and a little bit of a passion project because you get to do something in your backyard in Kentucky,” said Sauer, who is from Owensboro.
Sauer said he hopes to announce more details about Owensboro Racing & Gaming “soon.”
In addition to the track expansion project in Owensboro, Churchill will operate a horse racing track just south of Evansville. This horse racing track celebrates its 100th anniversary this year and has an arcade with nearly 300 historic racing machines.
Kentucky House Speaker David Osborne said, “Churchill Downs, Inc. is a proven partner in the communities where it already operates, offering both recreational and economic development benefits.” The acquisition also boosts one of the state’s flagship industries and is a direct result of legislation passed to make the track more competitive: Year-round horse racing at Churchill Downs Commonwealth Commitment to the field is not only a smart business move, it is also necessary to sustain and grow an industry that provides 80,000 jobs and millions of dollars to our local and state economies.”
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