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.
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.