Churchill Downs Incorporated Announces $60 Million Investment to Open Historical Racing Machine Facility in Louisville
June 20 2017 - 8:11PM
Churchill Downs Incorporated (NASDAQ:CHDN) (“CDI”) announced today
it is investing approximately $60 million to construct a
state-of-the-art historical racing machine (“HRM”) facility in
Louisville. The 85,000-square-foot facility will be built at 4520
Poplar Level Road—Churchill Downs’ former Trackside (also known as
the former Sports Spectrum) site, and conveniently located less
than half a mile from the Poplar Level Road exit off the Henry
Watterson Expressway (I-264). CDI’s request to offer exotic
wagering on historical racing was conditionally approved by the
Kentucky Horse Racing Commission this afternoon.
“A state-of-the-art historic racing facility will
allow us to deliver an exciting and compelling pari-mutuel product
for our customers in Louisville. This is a great opportunity for us
to revitalize another area of our city while strengthening the
Commonwealth’s equine industry through larger purses and greater
incentives for Kentucky breeders and owners,” Churchill Downs
Racetrack President Kevin Flanery said. “Stronger horse racing
means a stronger Kentucky.”
The company says the facility will create 450 new
jobs for the local economy, including 250 construction jobs. An
estimated 200 new full- and part-time jobs will be created to
operate and manage the facility. Churchill Downs will hire both
hourly and salaried employees in areas including operations,
marketing, finance, food and beverage, maintenance, information
technology, human resources, security and administration. Job fairs
will be held at Trackside for the neighborhoods surrounding the
facility and the Churchill Downs Racetrack.
This announcement comes on the heels of CDI’s
decision to relocate its TwinSpires.com business to Louisville from
Silicon Valley, California, creating more than 70 high-tech,
high-paying jobs for the city.
The planned facility will house two quick-service,
walk-up food venues, as well as a bar with seating for 50 and large
format televisions for guests to take in all the best sporting
action year-round. The facility will open with 600 historical
racing machines and a player’s club reward center offering special
perks and benefits, including an exclusive parking area for loyal
guests.
Construction is slated to begin later this year,
and CDI hopes to open the facility by summer of 2018.
About Churchill Downs
IncorporatedChurchill Downs Incorporated (NASDAQ:CHDN)
(“CDI”), headquartered in Louisville, Ky., is an industry-leading
racing, gaming and online entertainment company anchored by our
iconic flagship event—The Kentucky Derby. We are a leader in
brick-and-mortar casino gaming with gaming positions in eight
states, and we are the largest legal mobile betting platform for
horseracing in the U.S., through our ownership of TwinSpires.com.
We are also one of the world’s largest producers and distributors
of mobile games through Big Fish Games, Inc. Additional information
about CDI can be found online
at www.churchilldownsincorporated.com.
MEDIA CONTACT
John Asher
Office: (502) 636-4586
Cell: (502) 494-3626
john.asher@kyderby.com
Churchill Downs (NASDAQ:CHDN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Churchill Downs (NASDAQ:CHDN)
Historical Stock Chart
From Sep 2023 to Sep 2024