Churchill Downs will buy Turfway Park in a deal that frees the Northern Kentucky horse racing business away from nearby casino ownership, which regulators and lawmakers have said hurt the Florence track.
The Louisville-based company is believed to be paying approximately $46 million for the 200-acre property whose pending sale with Hard Rock International had been valued at $35 million, according to the Courier-Journal.
Turfway Park is the last remaining racecourse in Northern Kentucky.
The Turfway Park grandstand Northern Kentuckians know will be demolished after the track’s March 2020 races, pending regulatory approval according to a release from Churchill Downs.
The company will develop what it calls New Turfway Park for about $150 million, though that figure includes the purchase price.
Churchill Downs will ditch its previous plan to build the New Latonia Racing & Gaming project and won’t apply for the spring and winter racing dates traditionally given to Turfway Park.
Hard Rock had pledged to spend “significant dollars” on Turfway, but appears to have chosen to flip the property for a quick profit, according to the Courier-Journal.
The announcement clears up the uncertain future of Northern Kentucky’s Turfway Park which has been around for 60 years.
- Extract from www.cincinnati.com