It will initially include 500 HRMs, a fresh-air gaming area and over 200 on-site parking spaces, as well as three bars and a store where guests will be able to purchase Kentucky Derby-themed merchandise.
Construction will begin later this year on the 43,000-square-foot facility, with an anticipated opening date of early 2023.
The venue will be located at 140 South 4th Street, at the corner of South 4th and West Market, diagonal to the Kentucky International Convention Center.
“CDI is committed to investing in the city of Louisville and today we are particularly excited to announce this new downtown entertainment venue," said Bill Carstanjen, CEO of CDI.
According to the organisation, this development will create 450 new jobs for the local economy, including 350 in construction and more than 100 new permanent positions.
Carstanjen continued: “Our HRM expansion will be a win for the entire community in the Louisville area and will create $10m to $12m per year in additional purse money for Churchill Downs Racetrack.”
“It is important that Louisville is a city that is thriving — a great place to live, work and visit — and we are committed to helping create economic vibrancy for every area of our community.”
CDI has also said it will collaborate with OneWest and other community organisations in an effort to provide job opportunities for those from the city’s more deprived neighbourhoods.
Louisville Mayor Greg Fischer welcomed the development, saying: “Today, Churchill Downs becomes an important component of a downtown Louisville revitalisation that has been gaining momentum for the last several years.”
“Derby City Gaming Downtown will bring even more life to 4th Street, with just shy of an acre’s worth of space for more entertainment offerings, another stop for bourbon fans, a shopping outlet for Kentucky Derby merchandise and permanent jobs to downtown.”
