WKY Development, LLC – a joint venture between Churchill Downs Incorporated (CDI) (Nasdaq: CHDN) and Keeneland Association Inc. (Keeneland) – was awarded a racing license by the Kentucky Horse Racing Commission (KHRC) for twelve live Standardbred racing dates beginning in October 2019 at its racing venue proposed to be constructed in Oak Grove, Kentucky in Christian County.
The proposed racing facility in Oak Grove represents a $150 million economic development project for Christian County, creating nearly 400 direct full and part time equivalent positions and an estimated 800 direct construction jobs. Aspects of the project include a historical racing machine facility featuring up to 1,500 machines, a 125-room hotel with event center and food/beverage venues, a 1,200-person seated capacity grandstand and event space for indoor events, a 3,000-person capacity outdoor amphitheater and stage, and a state-of-the-art equestrian center including indoor and outdoor arenas. WKY Development, LLC is 95% owned by CDI and 5% owned by Keeneland. This historic partnership is designed to strengthen and grow Kentuckys signature horse racing industry and, in particular, its Standardbred racing circuit following last years closure of Thunder Ridge racetrack in Prestonsburg.
About Churchill Downs Incorporated Churchill Downs Incorporated (CDI) (Nasdaq: CHDN), headquartered in Louisville, Ky., is an industry-leading racing, gaming and online entertainment company anchored by our iconic flagship event – The Kentucky Derby. We are the largest legal online account wagering platform for horseracing in the …
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Source: US SEC
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