Churchill Downs has signed an agreement to acquire Turfway Park in Florence, Kentucky from Jack Ohio, an affiliate of Jack Entertainment and Hard Rock International.
Through its subsidiary NKYRG, Churchill Downs will purchase the track in a $46m deal "subject to certain working capital and other purchase price adjustments."
The operator is planning a $150m refurbishment of the property, which will see the demolition of the existing grandstand after the 2019/2020 winter thoroughbred racing meet.
The refurbishment is expected to include 1500 racing machines, a clubhouse, food and beverage venues and a new track.
After receiving approval for the deal, Churchill Downs announced it will no longer pursue plans to construct New Latonia Racing and Gaming - a $200m race track and training facility in Northern Kentucky.
Kevin Flanery, President of Churchill Downs Race Track, said: "Our team is poised to restore Turfway to its former glory, anchored by northern Kentucky’s first historical racing machine facility."