Churchill Downs Purchases Ellis Park
One of the United States’ foremost horse racetrack operators, Churchill Downs Incorporated (CDI), has announced the completion of its previously announced acquisition of the Ellis Park racetrack and gaming facility in Kentucky for a total amount of $79 million. The agreement, revealed earlier in September 2022, has finally been approved by the Kentucky Horse Racing Commission.
Churchill Downs Incorporated (CDI) has announced the completion of its acquisition of the Ellis Park racetrack and gaming facility in Kentucky for a total sum of $79 million. ©USA-Reiseblogger/Pixabay
Ellis Park Also Features Gaming Facility, Hosting 300 Historical Racing Machines (HRMs)
The major American horse racetrack operator, Churchill Downs Incorporated (CDI), has stepped out and announced that it has successfully acquired the Ellis Park racetrack and gaming facility in Kentucky for a total amount of $79 million, after it previously announced its intent to acquire the facility earlier this month.
The intent to purchase was first revealed by Churchill Downs Incorporated (CDI) earlier in September 2022 and was finally approved by the Kentucky Horse Racing Commission. The details reveal that CDI will take ownership of the venue Ellis Park Racing & Gaming from Enchantment Holdings, which is part of Laguna Development Corporation.
The financials of the transaction will be taken care of with cash on hand, as well as via CDI’s existing credit facility. For those not yet aware, Ellis Park is situated in Henderson, Kentucky and boasts a state of the art horse racing track, as well as a gaming facility venue hosting approximately 300 historical racing machines (HRMs).
Acquisition Also Includes Opportunity for CDI to Construct Track Extension Facility
Further details of the acquisition of the Ellis Park racetrack and gaming facility in Kentucky by Churchill Downs Incorporated (CDI) will see CDI assume Ellis Park’s chance to construct a track extension facility at Owensboro’s Towne Square Mall.
This new venture, tentatively titled the Owensboro Racing & Gaming site, will feature an extensive entertainment venue hosting 600 historical racing machines (HRMs), a simulcast wagering center, and several food and beverage offerings. CDI clarified that it anticipates its total investment in the Henderson and Davies counties over the next year to reach roughly $75 million – and this is in addition to the original purchase price of Ellis Park.
Churchill Downs Incorporated (CDI) chief executive, Bill Carstanjen, took the opportunity to share with observers that the racetrack giant has already begun construction in both Henderson county and on the Owensboro racing site, while also teasing future investment plans for the Ellis Park racetrack:
“Our team is already hard at work in both Henderson and Owensboro. 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.”– Bill Carstanjen, Chief Executive, Churchill Downs Incorporated (CDI), Press Release
Churchill Downs Incorporated (CDI) Joined Forces with FanDuel in September 2022
Earlier this month in September 2022, Churchill Downs Incorporated (CDI) announced that it had entered into a content and sponsorship agreement with Flutter-owned sportsbook giant FanDuel.
The multi-year deal covers many different facets of FanDuel’s operations, such as its sports wagering, advance deposits wagering (ADW) and television verticals. As a result of the agreement, Churchill Downs will deliver B2B technology and services to FanDuel’s sportsbook, specifically for horse racing features.
Most crucial of all, however, is the fact that FanDuel fans located in the US will now have the ability to place bets on horse racing content at a CDI location. In return, FanDuel will receive permission to broadcast CDI content on the operator’s newly established television network. Furthermore, there are provisions in place which will grant FanDuel non-exclusive Kentucky Derby sponsorship rights.
Amy Howe, who is the CEO of the FanDuel Group, warmly welcomed the news of the deal struck with Churchill Downs Incorporated (CDI), finding promise in integrating CDI’s products into FanDuel’s network:
“With the launch of FanDuel TV last week and the upcoming integration of premier racing content into our market-leading sports book, we believe this is an inflection point in our ability to offer our customers a seamless wagering experience with a single wallet.”– Amy Howe, Chief Executive Officer (CEO), FanDuel Group, Press Release
Howe went on to focus in particular on the Kentucky Derby – perhaps one of the most famous horse racing events in the country, if not the world:
“We are especially pleased that we will be able to offer wagering on the most exciting two minutes in sports, the Kentucky Derby, and that we will have exclusive broadcast rights to the Churchill Downs Incorporated family of tracks on FanDuel TV. We look forward to creating new audiences for horse racing.”
Betfred USA Sports Arrived in Washington in Early September 2022
In other US sports betting news, at the beginning of September 2022, Betfred USA Sports revealed that it had finally landed in the Pacific Northwestern state of Washington, with the opening of its sportsbook offering at the state’s Silver Reef Casino Resort.
The sportsbook complex will occupy the space which a bar used to be in. The facility is set to feature multiple high resolution video walls, sportsbook seating, multiple betting stations and self-service kiosks, and the usual food and beverage offerings.
Betfred USA Sports chief operating officer, Bryan Bennett, boasted the company’s deep 50-year experience in the bookmaking world, claiming that it had been seeking to expand into Washington for a while now:
“We look forward to utilizing our 50 years of bookmaking experience to make the Betfred Sportsbook at Silver Reef Casino Resort the go-to destination for sports wagering in the state. We’ve long been eyeing the state of Washington and are excited to enter the market in partnership with Lummi Nation and the team at Silver Reef Casino.”
