KHRC approves Turfway sale to CDI

The Kentucky Horse Racing Commission unanimously approved the sale of Turfway Park in Florence, Ky., to Churchill Downs Inc. at a special commission meeting held on Tuesday, according to a KHRC official.

The sale, which was announced last week, is the first step in a process that will lead to a renovated grandstand at the track and the installation of 1,500 historical horse racing machines, which are devices similar to slot machines. Churchill has said that it plans to run Turfway’s customary winter dates, starting in November this year and ending in March of next year, after which construction on the new facility will begin.

Churchill officials told the Kentucky Horse Racing Commission that the company plans to use revenues from its existing casino in Louisville to supplement purses at the upcoming Turfway meet, with average purses roughly doubling, according to reports. Churchill is also considering the installation of a seven-furlong dirt surface within the one-mile artificial main track, according to the Blood-Horse.

The $46 million sale last week was between Churchill Downs and a partnership that included Jack Entertainment and Hard Rock International, two casino companies. Jack Entertainment has owned Turfway since 2012, but the company reached a deal earlier this year to sell the track and its casino in Cincinnati to Hard Rock. The sale is not yet complete.

Several KRHC members had been severely critical of Turfway’s former owners, claiming that Jack Entertainment dragged its feet on renovating the track and installing historical horse racing machines in order to protect its Cincinnati casino. The machines are operated by every other track in Kentucky and have led to record purses in the state, as well as generating tens of millions of dollars in annual profits to the operators.

A month prior to the sale being announced, Churchill filed an application with the KHRC seeking Turfway’s winter racing dates for a new racetrack and casino the company said it planned to build in Turfway’s market area. The gambit pushed Jack and Hard Rock to the bargaining table.