Churchill Downs Incorporated (CDI) has signed an agreement with Enchantment Holdings to purchase Kentucky-based Ellis Park Racing & Gaming for $79m. The deal is subject to “certain working capital and other purchase price adjustments.”
Under the terms of the deal, CDI will gain access to an opportunity for an additional construction project in Owensboro, a plan for a track extension facility on the property.
Kentucky Governor Andy Beshear commented: “This is an exciting announcement for the horse racing industry, the cities of Henderson and Owensboro, and the entire Commonwealth of Kentucky.
“Churchill Downs has proven it has the experience, resources, and desire to reinvigorate Ellis Park into a premier racing destination and provide unmatched gaming entertainment.”
The conclusion of the deal is subject to approval from the Kentucky Horse Racing Commission (KHRC).
CDI CEO Bill Carstanjen expressed excitement about the purchase agreement. He said: “We are very enthused to welcome Ellis Park to the Churchill Downs racing family.
“Our team is committed to building a summer meet at the ‘Pea Patch’ that keeps more Kentucky-bred horses and Kentucky-based trainers’ in their home state while attracting top horse racing talent from across the country to the Bluegrass State each July and August.”
Beshear went on to add that CDI’s investment has the potential to boost the local economy and offer bettors in Kentucky quality racing.
He commented: “This investment will ensure our Kentucky horsemen and women have the best year-round racing circuit in the country and create jobs throughout the region and state. Churchill Downs is a great corporate citizen and an important part of Team Kentucky.”
