Churchill Downs Finalizes Acquisition of Ellis Park for $79M

The industry-leading racing, online betting and gaming entertainment company, Churchill Downs Incorporated, announced it finalized an important acquisition.

CDI Finalizes Takeover of Ellis Park

The company revealed Monday it completed the takeover of Ellis Park Racing and Gaming, located in Henderson, Kentucky in a deal completed in cash consideration of $79 million. The new acquisition will further boost the company’s growth, considering that it grants it the opportunity to develop a track extension facility offering historical racing machines (HRMs) in Owensboro.

It was earlier this month when the racing giant first unveiled plans to acquire Ellis Park. However, the takeover was subject to the approval of the Kentucky Horse Racing Commission, the independent state agency in charge of regulating horse racing and pari-mutuel betting. Recently the Commission gave the green light which cleared the path for CDI to complete the acquisition.

“Our team is already hard at work in both Henderson and Owensboro.“

Bill Carstanjen, CEO of CDI

Sharing his excitement, CDI’s CEO, Bill Carstanjen, confirmed that the company’s team is working hard at the two locations, Owensboro and Henderson. He vowed that soon, the company will uncover additional details regarding the planned racing infrastructure for Ellis Park. In conclusion, Carstanjen pointed out that the historical racing machines at Owensboro represent a significant opportunity for the company. 

“In the coming days, we look forward to sharing more about our plans to invest in the racing infrastructure at Ellis Park and to drive significant purse improvement through the Owensboro historical racing opportunity,”

added Carstanjen

The Acquisition Is Expected to Bring Benefits for CDI

Ellis Park has a historic value to Kentucky. The venue that offers live Thoroughbred horse racing during the summer and simulcast betting 365 days a year is located north of the Ohio River near Evansville, Indiana. Earlier this year, the venue celebrated 100 years of racing. Besides live Thoroughbred racing, the venue features approximately 300 HRMs. 

Without any doubt, the takeover of Ellis Park by the leading horse racing and betting company CDI will help preserve the rich history of the location. At the same time, the venue is expected to create fan engagement opportunities which will ultimately help the company to continue growing. 

Earlier this month, CDI announced a strategic deal with FanDuel, the leading sports betting operator in the US. The terms of the recent deal saw CDI agree to provide FanDuel with its leading horse racing solutions. Although it was announced earlier in September, the starting date of the new deal is set for January next year.