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Churchill Downs to purchase Kentucky race track for $46m

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.

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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."

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