Churchill Downs Inc. Acquires Kentucky's Turfway Park
Churchill Downs Inc. has acquired a "controlling interest" in the Turfway Park racetrack in Florence, Ky., that had been owned by Jack Entertainment, part of Cavaliers Owner Dan Gilbert's "empire," according to Tim Sullivan of the Louisville COURIER-JOURNAL. The $46M deal "clarifies Churchill's announced intention to build" a $200M "racing and gaming facility at a previously undisclosed site." Gilbert over the past year has been "moving away from gaming, having sold the Greektown Casino in Detroit and other gaming assets, closing Jack offices" in Louisville, "laying off 92 workers and transferring top executives to the Bedrock real estate operation." CDI's plan is to "demolish Turfway's existing grandstand" following the track's '19-20 meet and "begin development of a new Turfway Park Racing & Gaming facility" at an estimated cost of $150M (Louisville COURIER-JOURNAL, 10/4). In Louisville, Fair & Coolidge noted the deal "clears up the uncertain future" of Turfway Park, which has been "around for 60 years" (Louisville COURIER-JOURNAL, 10/4).