Newport Racing & Gaming to Open Expansion on November 24
NEWPORT, KY., (November 23, 2021) – Newport Racing & Gaming (“Newport” or the “Property”) announced today that it will open a new expansion on Wednesday, November 24. The historical racing machine (“HRM”) entertainment venue, owned and operated by Churchill Downs Incorporated, opened in the Newport Shopping Center off Interstate 471 Exit 3 in October 2020, introducing a gaming floor and horse racing simulcast area to Newport, Kentucky.
The expansion will add 14,000 sq. ft. to the Property and relocate 150 of the existing HRMs into the new area to create a more spacious environment. Guests will continue to have the opportunity to spin and win on 500 of the latest and greatest Vegas-style themes including favorites such as Wheel of Fortune, Quick Hits, Lock-it-Link, Stinkin’ Rich and more. The build out will effectively create two distinct areas within Newport, with the new area designated for smoking and the original gaming floor to remain smoke-free. The extended space will also include a bar, and allow a stage area for live entertainment and promotions in the non-smoking gaming area.
“The success of Newport Racing & Gaming reflects the level of entertainment available through the premium game offerings here,” said Chip Bach, General Manager of Newport. “This expansion allows us to enhance the experience for new and returning guests, offer additional amenities and support local musicians, all while bolstering Kentucky’s signature horse racing industry.”
Newport is an extension of the racing license associated with Turfway Park in nearby Florence, Kentucky. Since opening, the $38.4 million development project has provided approximately 70 permanent jobs. Newport operates Monday through Sunday from 10 a.m. to 2 a.m. Newport promotes responsible gaming. For more information, visit https://www.newportrg.com/.
This news release contains 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 materially affect actual results or outcomes include the following: the impact of the novel coronavirus (COVID-19) pandemic, including the emergence of variant strains, and related economic matters on our results of operations, financial conditions and prospects; the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather; the effect of economic conditions on our consumers’ confidence and discretionary spending or our access to credit; additional or increased taxes and fees; the impact of significant competition, and the expectation the competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; loss of key or highly skilled personnel; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine manufacturing and other technology conditions that could impose additional costs; inability to negotiate agreements with industry constituents, including horsemen and other racetracks; inability to successfully expand our TwinSpires Sports and Casino business and effectively compete; inability to identify and complete expansion, acquisition 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; general risks related to real estate ownership and significant expenditures, including fluctuations in market values and environmental regulations; reliance on our technology services and catastrophic events and system failures disrupting our operations; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach, including customers’ personal information, could lead to government enforcement actions or other litigation; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or applicable money-laundering regulations; payment-related risks, such as risk associated with fraudulent credit card and debit card use; work stoppages and labor issues; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; and increase in our insurance costs, or obtain similar insurance coverage in the future, and inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events.
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.
