Churchill Downs proposes new racing facility
Churchill Downs has applied to bring a US$200 million racing facility to Northern Kentucky, to be called New Latonia Racing and Gaming.
US.- Churchill Downs has announced its intention to file an application with the Kentucky Horse Racing Commission requesting to host the 2020 winter Thoroughbred racing meet at historic Churchill Downs Racetrack in Louisville, Kentucky. The company proposed a US$200 million New Latonia Racing & Gaming facility to host Thoroughbred racing in future years.
The application requests that NKYRG, a wholly-owned subsidiary of CDI, receives a racing license to conduct live Thoroughbred racing in January through March and in December 2020, pursuant to a lease agreement between NKYRG and Churchill Downs Racetrack, the company explained.
Churchill Downs said that allocation of the 2020 race dates to NKYRG is a critical, short-term measure to support the thoroughbred racing circuit in the state. The company expects that awarding the 2020 race dates to NKYRG will lead to significantly increased purses and pari-mutuel handle, resulting in increased tax revenues to the Kentucky General Fund, Thoroughbred Development Fund, the Equine Industry Program, Equine Drug Research and the Higher Education Fund.
“Churchill Downs is stepping up to protect and grow Kentucky’s Thoroughbred racing circuit,” said Kevin Flanery, President of CDRT. “Our willingness to make a sizeable investment in the neglected northern Kentucky market is our latest effort to improve Kentucky’s valuable horse racing and agriculture industries.”
Phase one
The phase one represents a US$150 million economic development project that would create 400 direct full and part-time jobs. It would feature up to 1,500 machines, as well as a one-mile synthetic main race track, inner dirt track and stabling facilities.
Phase two
Phase Two of the proposed project may include the addition of a hotel, with an incremental investment of up to US$50 million. “Just as Derby City Gaming’s historical racing machines have supercharged purses at Churchill Downs Racetrack, we plan to do the same for northern Kentucky’s racing fans at New Latonia,” said Flanery. “Our goal is to deliver an ultra-competitive racing product with more entries and high-quality horses that appeal to bettors and horseplayers nationwide.”
