Churchill Downs Incorporated (CDI) has revealed its latest venture—a historical racing machine (HRM) entertainment venue in eastern Daviess County, outside Owensboro city limits. Positioned as an annex of Ellis Park Racing & Gaming, this development aims to enhance purse funding for Ellis Park race meets. With the goal of providing updated plans in the coming months, CDI is poised to expand its footprint in the gaming and racing landscape.
Strategic Site Selection:
CDI’s decision to establish the HRM venue in eastern Daviess County reflects a strategic move to diversify its offerings. By choosing a location outside Owensboro city limits, the company aims to cater to a broader audience while contributing to the local economy.
Support for Ellis Park Race Meets:
The primary purpose of the new HRM facility is to bolster purse funding for Ellis Park race meets. This strategic move aligns with CDI’s commitment to fostering growth in the racing industry and ensuring a sustainable future for Ellis Park.
Development and Investment Plans:
While the site has been secured, CDI plans to provide stakeholders and the public with detailed development and investment plans in the coming months. This transparency emphasizes CDI’s commitment to open communication and aligning its initiatives with the expectations of the community and industry.
Temporary Racing Operations Shift:
In light of recent developments, CDI has temporarily suspended racing operations at Churchill Downs Racetrack for the remainder of the Spring Meet, scheduled until July 3. Live racing has been redirected to Ellis Park Racing & Gaming in Henderson. This decision, prompted by concerns over horse injuries, underscores CDI’s dedication to the well-being of the animals involved in racing.
Strong Q1 Financial Performance:
CDI’s financial report for Q1 2023 showcases robust performance, with net revenue reaching $559.5 million, marking a substantial 54% increase compared to the same period in 2022. The company’s adjusted EBITDA also experienced significant growth, soaring to $222.9 million, a remarkable 73% increase.
Churchill Downs’ foray into historical racing machines in Daviess County signifies a strategic expansion, reinforcing its commitment to the racing industry’s sustainability. As CDI unveils detailed development plans, the community and stakeholders can anticipate a transformative addition to the gaming landscape, further solidifying CDI’s position as a key player in the industry.