Churchill Downs to open new HRM facilities in Virginia and Kentucky

Churchill Downs Incorporated (CDI) has unveiled plans to open two new historical racing machine (HRM) venues in Virginia and Kentucky.

The company has received approval from the Town of Dumfries to open phase one of The Rose Gaming Resort with 1,650 HRMs, an increase of 500 HRMs from what CDI had previously announced.

Located in Northern Virginia, The Rose is scheduled to open by the end of September with a 102-room hotel, with total capital investment in the project now expected to be $460 million.

As part of CDI’s commitment to the Town of Dumfries, the company will make a one-time $3.6 million contribution to the town, and a $2.0 million contribution to support the design and development of a new community center, in addition to the public park currently being built on site.

“We are excited to announce that The Rose will open with 1,650 HRMs,” said CDI chief executive Bill Carstanjen. “We are proud to invest nearly half a billion dollars in Northern Virginia and look forward to creating local jobs and a world class gaming destination.”

The Rose is estimated to generate $35.5 million in annual tax revenues and result in the development of more than 500 full and part-time jobs.

The company also plans to open a new HRM facility in Kentucky in the first quarter of 2025.

Located in eastern Daviess County, Owensboro Racing & Gaming will feature 600 HRMs, a retail sportsbook and simulcast wagering, and will be CDI’s seventh historical horse racing entertainment venue in Kentucky.

The projected spend for the development of Owensboro Racing & Gaming is $100 million, with the property operating as an annex of Ellis Park Racing & Gaming and supporting 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 Carstanjen. “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 is estimated to generate $125 million in annual regional economic impact, including the creation of more than 200 construction jobs and 150 permanent jobs.

Shares in Churchill Downs Incorporated (NASDAQ:CHDN) closed 1.02 per cent higher at $117.43 per share in New York Wednesday, after the company announced record revenue in its financial results for 2023.