CINCINNATI (FOX19) - Churchill Downs Incorporated announced Thursday that it has signed a definitive agreement to acquire Turfway Park in Florence.
CDI signed the agreement to get the park from its current owners, JACK Entertainment LLC for $46 million in cash.
The closing of the transaction is contingent upon approval by the Kentucky Horse Racing Commission.
Officials said after closing, CDI will demolish the existing grandstand and build a state-of-the-art racing facility.
New Turfway Park will create 400 direct full and part time positions and create an estimated 800 direct construction jobs. The project will include a historical racing machine facility featuring up to 1,500 machines, a state-of-the-art clubhouse, food and beverage venues and a new inner dirt track.
“We are thrilled to welcome Turfway Park to the Churchill Downs racing family,” said Kevin Flanery, President of Churchill Downs Race Track. “Our team is poised to restore Turfway to its former glory, anchored by northern Kentucky’s first historical racing machine facility. The result will be a first-class racing product fueled by increased purses that keeps high-quality horses in Kentucky year-round and appeals to horseplayers nationwide.”