Churchill Downs Incorporated to Open Gaming Operations, Restaurants, Grandstand and Event Center at Oak Grove Racing, Gaming ...
September 16 2020 - 09:15AM
Churchill Downs Incorporated (“CDI” or the “Company”) (Nasdaq:
CHDN) announced today plans to open simulcast and historical racing
machine (“HRM”) operations at Oak Grove Racing, Gaming & Hotel
(“Oak Grove”) in Oak Grove, Kentucky, to the public on Friday,
September 18, 2020 at 10 a.m. CST. Oak Grove will debut 1,325
state-of-the-art HRMs with some of the best themes from Ainsworth,
Scientific Games and International Gaming Technology. Dining and
beverage options include Garrison Oak Steakhouse, two quick serve
eateries, a coffee house, sports bar and luxurious lobby bar. The
second phase of the Oak Grove project will open in October 2020 and
will include a 128-room hotel, equestrian center, amphitheater and
a RV Park.
“We have an exceptional team poised to deliver a
premier entertainment experience and regional destination for
Western Kentucky and nearby Nashville, Tennessee,” said Bill
Carstanjen, CEO of CDI. “We are committed to investments like Oak
Grove that will help support live racing at Kentucky racetracks by
generating larger purses and attracting better horses.”
Live harness racing will return to Oak Grove in
October and November for its second fall meet and will feature
12:30 p.m. CST post times daily. The meet will commence on
Wednesday, October 14 and continue on Monday, Tuesdays and
Wednesdays through November 11, 2020.
Construction on the $200 million development
project, which began in April 2019, is located off Interstate 24
Exit 86 near Clarksville, Tennessee. Oak Grove will open and
operate under capacity restrictions in compliance with State and
local requirements and will follow all Center for Disease Control
(CDC) recommendations. The “Churchill Downs Incorporated (CDI) 360
Degree Approach to Safety” will also be implemented which includes
initiatives to facilitate social distancing, personal protection
and enhanced cleaning.
The development of Oak Grove resulted in an
estimated 800 construction jobs and will create nearly 400 direct
full and part time-equivalent employment positions. CDI promotes
responsible gaming. For more information, visit
www.oakgrovegaming.com.
About Churchill Downs
Incorporated
Churchill Downs Incorporated is an
industry-leading racing, online wagering and gaming entertainment
company anchored by our iconic flagship event, the Kentucky Derby.
We own and operate Derby City Gaming, a historical racing machine
facility in Louisville, Kentucky. We also own and operate the
largest online horse racing wagering platform in the U.S.,
TwinSpires.com, and we operate sports betting and iGaming through
our BetAmerica platform in multiple states. We are a leader in
brick-and-mortar casino gaming with approximately 11,000 slot
machines and video lottery terminals and 200 table games in eight
states. Additional information about CDI can be found online at
www.churchilldownsincorporated.com.
Certain statements made in this news release
contain various “forward-looking statements” within the meaning of
the “safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are typically
identified by the use of terms such as “anticipate,” “believe,”
“could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,”
“predict,” “project,” “seek,” “should,” “will,” and similar words
or similar expressions (or negative versions of such words or
expressions).
Although we believe that the expectations
reflected in such forward-looking statements are reasonable, we can
give no assurance that such expectations will prove to be correct.
Important factors, among others, that may affect actual results or
outcomes include the following: the impact of the novel coronavirus
(COVID-19) pandemic and related economic matters on our results of
operations, financial conditions and prospects; the effect of
economic conditions on our consumers' confidence and discretionary
spending or our access to credit; additional or increased taxes and
fees; public perceptions or lack of confidence in the integrity of
our business or any deterioration in our reputation; loss of key or
highly skilled personnel; restrictions in our debt facilities
limiting our flexibility to operate our business; general risks
related to real estate ownership, including fluctuations in market
values and environmental regulations; catastrophic events and
system failures disrupting our operations; online security risk,
including cyber-security breaches; inability to recover under our
insurance policies for damages sustained at our properties in the
event of inclement weather and casualty events; increases in
insurance costs and inability to obtain similar insurance coverage
in the future; inability to identify and complete acquisition,
expansion or divestiture projects, on time, on budget or as
planned; difficulty in integrating recent or future acquisitions
into our operations; costs and uncertainties relating to the
development of new venues and expansion of existing facilities;
risks associated with equity investments, strategic alliances and
other third-party agreements; inability to respond to rapid
technological changes in a timely manner; inadvertent infringement
of the intellectual property of others; inability to protect our
own intellectual property rights; payment-related risks, such as
risk associated with fraudulent credit card and debit card use;
compliance with the Foreign Corrupt Practices Act or applicable
money-laundering regulations; risks related to pending or future
legal proceedings and other actions; inability to negotiate
agreements with industry constituents, including horsemen and other
racetracks; work stoppages and labor issues; changes in consumer
preferences, attendance, wagering and sponsorship with respect to
Churchill Downs Racetrack and the Kentucky Derby; personal injury
litigation related to injuries occurring at our racetracks; weather
and other conditions affecting our ability to conduct live racing;
the occurrence of extraordinary events, such as terrorist attacks
and public health threats; changes in the regulatory environment of
our racing operations; increased competition in the horse racing
business; difficulty in attracting a sufficient number of horses
and trainers for full field horse races; our inability to utilize
and provide totalizator services; changes in regulatory environment
of our online horse wagering business; A reduction in the number of
people wagering on live horse races; increase in competition in our
online horse racing wagering business; uncertainty and changes in
the legal landscape relating to our online horse racing wagering
business; continued legalization of online sports betting and
iGaming in the United States and our ability to predict and
capitalize on any such legalization; inability to expand our sports
betting operations and effectively compete; failure to manage risks
associated with sports betting; failure to comply with laws
requiring us to block access to certain individuals could result in
penalties or impairment with respect to our mobile and online
wagering products; increased competition in our casino business;
changes in regulatory environment of our casino business;
concentration and evolution of slot machine manufacturing and other
technology conditions that could impose additional costs; and
inability to collect gaming receivables from the customers to whom
we extend credit.
We do not undertake any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
Investor
Contact: Nick Zangari |
|
Media Contact:
Tonya Abeln |
(502) 394-1157 |
|
(502) 386-1742 |
Nick.Zangari@kyderby.com |
|
Tonya.Abeln@kyderby.com |
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