New York-listed Churchill Downs Incorporated (CDI) has completed its acquisition of Kentucky racetrack Turfway Park.

Following receipt of regulatory approval from the Kentucky Horse Racing Commission (KHRC), Churchill Downs has completed the acquisition of all outstanding equity in the racetrack from owners Jack Entertainment and Hard Rock International.

The transaction is valued at $46 million in cash, subject to certain working capital and other purchase price adjustments.

Following the KHRC approval to acquire Turfway Park, CDI has abandoned its earlier plan to build a new racetrack in Norther Kentucky.

Shares in Churchill Downs Incorporated (NSQ:CHDN) closed up 0.24 per cent at $130.08 per share in New York Wednesday.