New York-listed Churchill Downs Incorporated (CDI) has confirmed plans to build a new $200m racetrack and year-round training facility in Kentucky.
Based in Northern Kentucky, the New Latonia Racing & Gaming venue will include a historical racing machine facility hosting up to 1,500 machines, a state-of-the-art clubhouse, food and beverage venues, a one-mile synthetic main race track, as well as inner dirt track and stabling facilities.
CDI has also applied to the Kentucky Horse Racing Commission to hold the 2020 winter thoroughbred racing meet at its historic Churchill Downs Racetrack (CDRT), home of the Kentucky Derby, while the facility is built.
The application requests that NKYRG, a wholly owned subsidiary of CDI, be issued a racing license to conduct live thoroughbred racing in January through March and in December 2020, pursuant to a lease agreement between NKYRG and CDRT.
If approved by the state’s racing commission, upon completion of the new racing facility, these race dates would permanently move to the proposed New Latonia facility.
"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.
"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," Flanery continued. "Our goal is to deliver an ultra-competitive racing product with more entries and high-quality horses that appeal to bettors and horseplayers nationwide."
Shares in Churchill Downs Incorporated (NSQ:CHDN) closed down 0.26 per cent at $124.67 per share in New York Monday.