LOUISVILLE, Ky. — Churchill Downs Incorporated agrees to acquire Turfway Park in Florence, Kentucky from Jack Entertainment LLC and Hard Rock International for $46 million.
Churchill Downs then will commence planning for the demolition of the existing grandstand after the 2019-2020 meet.
The demolition makes way for development of “New Turfway Park”, an up to $150 million state-of-the art live and historical Thoroughbred racing facility.
New Turfway Park estimates to support up to 400 direct full and part time equivalent positions and create an estimated 800 direct construction jobs.
The project includes a historical racing machine facility with 1,500 machines, a state-of-the-art clubhouse and a new inner dirt track to complement the existing one-mile synthetic main race track.
“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 President of Churchill Downs Race Track Kevin Flanery.
The acquisition happens upon approval by the Kentucky Horse Racing Commission. KHRC has a scheduled meeting Oct. 8.
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