Horse Racing

CDI agrees to buy Ellis Park for $79 million


Churchill Downs Inc. announced on September 15 that it has entered into a definitive agreement to acquire Ellis Park Racing & Gaming in Henderson, Ky., from Enchantment Holdings, a subsidiary of Laguna Development Corp., for a total cash amount of 79 million dollars, subject to certain working capital and other purchase price adjustments. CDI will also assume Ellis . ParkThe opportunity to build a track extension facility in Owensboro, Ky.

Kentucky Governor Andy Beshear said: “This is an exciting announcement for the horse racing industry, the cities of Henderson and Owensboro, and the entire Commonwealth of Kentucky. “Churchill Downs demonstrated that they have the experience, resources and desire to restore Ellis Park to a premier racing destination and provide unmatched gaming entertainment. “

Ellis Park, located north of the Ohio River and just south of Evansville, Ind., celebrated the race’s 100th anniversary this year. In addition to being recognized as the historic home of the Kentucky summer Thoroughbred race, Ellis Park also features a game venue with some 300 historic machines.

Bill Carstanjen, CDI CEO, said: “We are very excited to welcome Ellis Park to the Churchill Downs racing family. “Our team is committed to building a summer meetup at ‘Pea Patch’ to keep more Kentucky crossbreds and Kentucky-based trainers at their homes and attract top equestrian talent from around the land. water to the Bluegrass State every July and August.”

“This investment will ensure our Kentucky riders and women have the best year-round racing in the country and create jobs throughout the region and state. Churchill Downs is a great citizen and a great person. important part of Team Kentucky,” Beshear continued.

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Closing the deal is subject to the approval of the Kentucky Horse Racing Commission. If the change of control is approved, the parties are expected to close the transaction shortly thereafter.

CDI has begun planning a significant investment in Ellis Park track infrastructure and construction of Owensboro Racing & Gaming, a racetrack expansion and entertainment venue at Owensboro’s Towne Square Mall, which will house 600 HRM , a simulated betting center and various food and drink offerings. For the next year, CDI projects its total investment in Henderson and Davies Counties to be approximately $75 million in addition to the purchase price.

“The opportunity to bring Churchill Downs to Owensboro is particularly meaningful to us,” said Jason Sauer, CDI Senior Vice President of Corporate Development. “We’re excited to begin work to enhance Ellis Park’s reputation as a Purebred racing summer destination while delivering premier gaming and entertainment experiences to Daviess County. We look forward to it. We will be sharing more interesting details about our plans in the coming days.”

CDI will acquire all remaining equity of Ellis Entertainment, the parent company of Ellis Park. For tax purposes, the transaction will be treated as an asset purchase, allowing CDI to benefit from increased taxes will provide additional cash flow and will enhance the overall economics of the transaction.

This press release has been edited for content and style by the BloodHorse Staff.



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