LOUISVILLE, Ky., September 15, 2022 (GLOBE NEWSWIRE) — Churchill Downs Incorporated (“CDI”) CHDN announced today that it has entered into a definitive agreement to acquire Ellis Park Racing & Gaming (“Ellis Park”) of Henderson, Kentucky from Enchantment Holdings, LLC, a subsidiary of Laguna Development Corporation, for an aggregate consideration of $79 million subscribed for cash on certain working capital and other purchase price adjustments. CDI will also take advantage of Ellis Park’s opportunity to construct a track expansion facility in Owensboro, Kentucky.
“This is an exciting announcement for the horse racing industry, the cities of Henderson and Owensboro and the entire Commonwealth of Kentucky,” said Kentucky Governor Andy Beshear. “Churchill Downs has proven they have the experience, resources and desire to make Ellis Park a premier racing destination and provide unmatched gaming entertainment.”
Ellis Park, just north of the Ohio River and south of Evansville, Indiana, celebrated 100 years of racing this year. Not only is Ellis Park recognized as the historic home of Kentucky’s summer thoroughbred racing, but it also features a play facility with approximately 300 historic racing machines (“HRMs”).
“We are extremely pleased to welcome Ellis Park to the Churchill Downs racing family,” said Bill Carstanjen, CDI Chief Executive Officer. “Our team is committed to building a summer gathering in the ‘Pea Patch’ that will keep more Kentucky-bred horses and Kentucky-based trainers in their home state, while also attracting high-caliber horse racing talent from across the country to the Bluegrass State each July and August.”
“This investment will ensure our riders and women in Kentucky have the best year-round track in the country and create jobs across the region and state. Churchill Downs is a great corporate citizen and an important part of Team Kentucky,” Beshear continued.
Closing of the transaction is subject to approval by Kentucky Horse Racing…
