Churchill Downs Incorporated Announces Development Plans for Owensboro Racing & Gaming
February 21 2024 - 3:08PM
Churchill Downs Incorporated (Nasdaq: CHDN, “CDI,” or the
“Company”) announced today that the Company plans to open Owensboro
Racing & Gaming in the first quarter of 2025 with 600
state-of-the-art historical racing machines (“HRMs”), a retail
sportsbook, simulcast wagering, and multiple food and beverage
offerings.
Owensboro Racing & Gaming exterior
rendering
The new property in eastern Daviess County will
be CDI’s seventh historical horse racing entertainment venue in the
state of Kentucky. Owensboro Racing & Gaming will be located on
an approximately 20-acre site at the corner of US Highway 60 and
Wrights Landing Road east of the City of Owensboro, Kentucky.
The projected spend for the development of
Owensboro Racing & Gaming is $100 million. The property will
operate as an annex of Ellis Park Racing & Gaming (“Ellis
Park”) and will support purse funding for Ellis Park’s traditional
summer racing meet.
“We are proud to announce this investment in the
Kentucky horse racing industry as we celebrate 150 years of the
Kentucky Derby,” said Bill Carstanjen, CEO of CDI. “In addition to
delivering a premier gaming and entertainment experience to Daviess
County, this project will build on the success of Ellis Park’s
racing product and further contribute to a healthy and sustainable
horse racing circuit in Kentucky.”
Owensboro Racing & Gaming
logo
Owensboro Racing & Gaming is estimated to
generate $125 million in annual regional economic impact, including
the creation of more than 200 construction jobs and 150 permanent
jobs.
Interior rendering of sports bar and
simulcast wagering area
Interior rendering of gaming floor and
center bar
About Churchill Downs
Incorporated
Churchill Downs Incorporated (“CDI”) (Nasdaq:
CHDN) has been creating extraordinary entertainment experiences for
nearly 150 years, beginning with the company’s most iconic and
enduring asset, the Kentucky Derby. Headquartered in Louisville,
Kentucky, CDI has expanded through the development of live and
historical racing entertainment venues, the growth of the
TwinSpires horse racing online wagering business and the operation
and development of regional casino gaming properties.
www.churchilldownsincorporated.com
This news release contains various
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are typically identified by the
use of terms such as “anticipate,” “believe,” “could,” “estimate,”
“expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,”
“seek,” “should,” “will,” “scheduled,” and similar words or similar
expressions (or negative versions of such words or
expressions).
Although we believe that the expectations
reflected in such forward-looking statements are reasonable, we can
give no assurance that such expectations will prove to be correct.
Important factors, that could cause actual results to differ
materially from expectations include the following: the occurrence
of extraordinary events, such as terrorist attacks, public health
threats, civil unrest, and inclement weather, including as a result
of climate change; the effect of economic conditions on our
consumers' confidence and discretionary spending or our access to
credit, including the impact of inflation; additional or increased
taxes and fees; the impact of any pandemics, epidemics, or
outbreaks of infectious diseases, including possible new variants
of COVID-19, and related economic matters on our results of
operations, financial conditions and prospects; lack of confidence
in the integrity of our core businesses or any deterioration in our
reputation; loss of key or highly skilled personnel, as well as
general disruptions in the general labor market; the impact of
significant competition, and the expectation the competition levels
will increase; changes in consumer preferences, attendance,
wagering, and sponsorships; risks associated with equity
investments, strategic alliances and other third-party agreements;
inability to respond to rapid technological changes in a timely
manner; concentration and evolution of slot machine and historical
racing machine (HRM) manufacturing and other technology conditions
that could impose additional costs; failure to enter into or
maintain agreements with industry constituents, including horsemen
and other racetracks; inability to successfully focus on market
access and retail operations for our TwinSpires sports betting
business and effectively compete; online security risk, including
cyber-security breaches, or loss or misuse of our stored
information as a result of a breach including customers’ personal
information could lead to government enforcement actions or other
litigation; reliance on our technology services and catastrophic
events and system failures disrupting our operations; inability to
identify, complete, or fully realize the benefits of our proposed
acquisitions, divestitures, development of new venues or the
expansion of existing facilities on time, on budget, or as planned;
difficulty in integrating recent or future acquisitions into our
operations; cost overruns and other uncertainties associated with
the development of new venues and the expansion of existing
facilities; general risks related to real estate ownership and
significant expenditures, including risks related to environmental
liabilities; personal injury litigation related to injuries
occurring at our racetracks; compliance with the Foreign Corrupt
Practices Act or other similar laws and regulations, or applicable
anti-money laundering regulations; payment-related risks, such as
risk associated with fraudulent credit card or debit card use; work
stoppages and labor problems; risks related to pending or future
legal proceedings and other actions; highly regulated operations
and changes in the regulatory environment could adversely affect
our business; restrictions in our debt facilities limiting our
flexibility to operate our business; failure to comply with the
financial ratios and other covenants in our debt facilities and
other indebtedness; increases to interest rates (due to inflation
or otherwise), disruption in the credit markets or changes to our
credit ratings may adversely affect our business; increase in our
insurance costs, or inability to obtain similar insurance coverage
in the future, and any inability to recover under our insurance
policies for damages sustained at our properties in the event of
inclement weather and casualty events; and other factors described
under the heading “Risk Factors” in our most recent Annual Report
on Form 10-K and in other filings we make with the Securities and
Exchange Commission.
We do not undertake any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
Investor
Contact: Kaitlin Buzzetto |
Media Contact:
Tonya Abeln |
(502) 394-1091 |
(502) 386-1742 |
Kaitlin.Buzzetto@kyderby.com |
Tonya.Abeln@kyderby.com |
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