Turfway partners buy out the third

Harrah's Entertainment and the Keeneland Association have bought out the one-third interest held by their partner GTECH in Turfway Park in Florence, Ky., the companies announced on Tuesday.

The buyout will make Harrah's and Keeneland 50-50 partners in Turfway Park, which the three companies purchased in 1999 from a group led by Jerry Carroll. Each of the three partners had a one-third share in the track before the buyout.

Robert Elliston, the president of Turfway Park, said on Tuesday that the sale will likely have "no material impact on the racing operation from a fan's standpoint."

Elliston declined to disclose specifics about the purchase price. He said, however, that the partnership agreement had included a provision giving any partner the right to buy the other partners' shares before they could be put on the market.