Churchill Downs completes purchase of Kentucky’s Ellis Park

CDI’s purchase of Ellis Park follows approval of the transaction by the Kentucky Horse Racing Commission.
CDI’s purchase of Ellis Park follows approval of the transaction by the Kentucky Horse Racing Commission.

Churchill Down Incorporated (CDI) has completed its acquisition for $79m.

US.- Churchill Downs Incorporated announced yesterday that the company has completed its previously-announced purchase of Ellis Park Racing & Gaming in Henderson, Kentucky, for cash consideration of $79m. The deal is subject to certain working capital and other purchase price adjustments. 

In acquiring Ellis Park, CDI also assumes the opportunity to construct a track extension facility with historical racing machines in Owensboro, Kentucky.

CDI’s purchase of Ellis Park follows approval of the transaction by the Kentucky Horse Racing Commission. The transaction was funded with cash on hand and through the company’s existing credit facility.

Ellis Park, located north of the Ohio River and just south of Evansville, Indiana, celebrated 100 years of racing this year. The historic home of summer thoroughbred racing in Kentucky, Ellis Park also features a gaming facility venue with approximately 300 historical racing machines.

“Our team is already hard at work in both Henderson and Owensboro,” said Bill Carstanjen, chief executive officer of CDI. “In the coming days, we look forward to sharing more about our plans to invest in the racing infrastructure at Ellis Park and to drive significant purse improvement through the Owensboro historical racing opportunity.”

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CDI has commenced planning to make critical investments in the Ellis Park racing infrastructure and to construct Owensboro Racing & Gaming, a track extension and entertainment venue at Owensboro’s Towne Square Mall that will feature 600 HRMs, a simulcast wagering centre and multiple food and beverage offerings.

Over the next year, CDI expects its total investment in Henderson and Daviess Counties to be approximately $75m in addition to the purchase price.

See also: Churchill Downs and FanDuel sign multi-year agreement

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Churchill Downs Ellis Park Kentucky Horse Racing Commission