Saratoga Casino sells Kentucky racetrack
Saratoga Casino sold the Ellis Park Racetrack from Kentucky for US$11 million to Ellis Entertainment.
US.- Saratoga Casino and Hospitality Group has sold its Kentucky racetrack Ellis Park Racetrack to a subsidiary of Albuquerque-based Laguna Development — Ellis Entertainment LLC for US$11 million.
Skip Sayre, chief of sales and marketing for Laguna Development Corp., owned by Laguna Pueblo, said that Ellis Entertainment will invest US$55 million in remodelling and expanding the racetrack’s program.
Sayre shared details about the remodelling and said that it includes the refurbishment of the grandstands, barns and paddocks. It also includes new restaurants, bars, upgraded audio-video and information technology systems, Albuquerque Journal reports.
Moreover, Ellis will also be in charge of expanding the current gaming facility. The number of slot machines will increase from 139 to 300 by the end of 2019. A new casino will be complete sometime next year and will feature 1,2000 slots.
The companies confirmed the deal after the approval for the racing licence to Ellis Entertainment. The Kentucky Horse Racing Commission approved the license on Tuesday.
“[The racetrack] has been run down and neglected and there’s a great desire in the horse racing industry to see that track restored to its former glory,” said Sayre. “Our management team has experience in the hospitality industry, hotels, restaurants, special events and promotions. We’re in the entertainment business and horse racing is entertainment and we think this plays to our strengths.”
