Churchill Downs Incorporated Breaks Ground on Turfway Park Revitalization
$145 Million Project will Feature Both Live Thoroughbred and Historical Horse Racing
LOUISVILLE, KY., (March 19, 2021) – Churchill Downs Incorporated (“CDI” or “Company”) (Nasdaq: CHDN) broke ground today on a $145 million, state-of-the-art, live Thoroughbred and historical horse racing venue as part of the Company’s plans to revitalize Turfway Park in Florence, Kentucky. The project is part of CDI’s ongoing efforts to strengthen and bring innovation to Kentucky’s signature horse racing industry and will be called Turfway Park Racing & Gaming (“Turfway”).
Speakers at today’s ceremony included The Honorable Andy Beshear, Governor of Kentucky; Senator John Schickel; Representative Adam Koenig; The Honorable Diane Whalen, Mayor of Florence, Kentucky; Bill Carstanjen, CEO of CDI; and Chip Bach, General Manager of Turfway.
CDI acquired Turfway Park in October 2019 and immediately commenced demolition of the existing grandstand following the close of the 2019-2020 race meet. In March 2020, Turfway’s existing Polytrack was replaced with a new $5.6 million Tapeta synthetic track, one of the world’s leading surfaces for racing and training. The final phase of development and construction will include a new grandstand, a pari-mutuel gaming entertainment floor featuring up to 1,500 historical racing machines, a state-of-the-art clubhouse, a simulcast wagering area with VIP player amenities, an 18,500 sq. ft. event center, as well as several food and beverage venues.
“Today is an exciting day and a very special day for our Company. We are pleased to begin this final phase in building a premier facility at Turfway Park that will restore the racetrack to its former glory,” said Bill Carstanjen. “This project will revitalize the Kentucky winter Thoroughbred racing circuit as well as fuel the health of the Commonwealth’s entire signature horse industry. There are many people who are a part of this community and a part of this state who are the unsung heroes in making this project happen.”
“We are here to celebrate the groundbreaking of Turfway Park Racing & Gaming, which represents the next chapter in a brighter future for horseracing in Kentucky,” said Governor Beshear. “I want to thank the entire team at Churchill Downs, Incorporated for bringing this project to this point. We’re just in the starting gate, but the race that this facility and this area is about to run is going to be long and it’s going to be successful.”
“The impact of this project on the Northern Kentucky economy cannot be understated. Additionally, the overall impact on Kentucky’s horse industry and, consequently, our entire economy is dramatic,” shared Kentucky Speaker of the House, David W. Osborne. “Turfway Park’s return to racing prominence secures and enhances Kentucky’s year-round racing circuit and will result in the return of horses and the investments of owners, breeders and trainers from around the country.”
The redevelopment of Turfway is anticipated to support up to 400 direct full and part-time positions and create an estimated 800 direct construction jobs. More information regarding job fairs and hiring will be released in the coming months. Turfway’s grand opening is expected in the summer of 2022.
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 three pari-mutuel gaming entertainment venues with approximately 3,050 historical racing machines in Kentucky. We also own and operate TwinSpires, one of the largest and most profitable online wagering platforms for horse racing, sports and iGaming in the U.S. and we have seven retail sportsbooks. We are also a leader in brick-and-mortar casino gaming in eight states with approximately 11,000 slot machines and video lottery terminals and 200 table games. Additional information about CDI can be found online at www.churchilldownsincorporated.com.
Information set forth in this news release contains various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), which provides certain “safe harbor” provisions. All forward-looking statements made in this news release are made pursuant to the Act. 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, although some forward-looking statements are expressed differently.
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 that could cause actual results to differ materially from expectations include the following: 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 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, including the ongoing impact of the novel coronavirus (COVID-19 virus); changes in the regulatory environment of our racing operations; increased competition in the horseracing business; difficulty in attracting a sufficient number of horses and trainers for full field horseraces; our inability to utilize and provide totalizator services; changes in regulatory environment of our online horseracing business; number of people wagering on live horse races; increase in competition in our online horseracing; uncertainty and changes in the legal landscape relating to our online 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; and 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.
Media Contacts
Logan Spradlin
Communications Manager
Churchill Downs Incorporated
Phone: (502) 356-7796
Email: [email protected]
Hayley Armstrong
Brand Communications Manager
Churchill Downs Racetrack
Phone: (502) 356-7796
Email: [email protected]
