Churchill Downs completes purchase of Turfway Park

Churchill Downs completes purchase of Turfway Park
Churchill Downs, Incorporated purchased Turfway Park for $46 million in cash. (Source: WXIX)
The existing grandstand will be turn down following teh completion of the 2019-2020 meet.
The existing grandstand will be turn down following teh completion of the 2019-2020 meet. (Source: WXIX)

LOUISVILLE, Ky. (WAVE) – Churchill Downs, Incorporated is now the owner of Turfway Park.

In a statement released Wednesday, the parent company of Churchill Downs Racetrack says they purchased the outstanding equity of Turfway Park, located in Florence, Ky., from Jack Ohio LLC, an affiliate of JACK Entertainment LLC, and Hard Rock International for total consideration of $46 million in cash.

After the 2019-2020 meet ends, Churchill Downs, Incorporated plans to build a new Turfway Park Racing & Gaming facility that will offer state-of-the art live and historical thoroughbred racing.
After the 2019-2020 meet ends, Churchill Downs, Incorporated plans to build a new Turfway Park Racing & Gaming facility that will offer state-of-the art live and historical thoroughbred racing. (Source: Churchill Downs, Inc.)

The closing of the deal come one day after the Kentucky Horse Racing Commission approved the transaction. As part of the approval, CDI will abandon a previously announced project to open a racing and gaming facility in Northern Kentucky.

CDI plans to demolish the existing Turfway Park grandstand immediately after the 2019-2020 meet and build a new Turfway Park Racing & Gaming facility that will offer state-of-the art live and historical thoroughbred racing.

Copyright 2019 WAVE 3 News. All rights reserved.