Churchill Downs Incorporated Announces Increase from 600 to 900 Historical Racing Machines for the Opening of Derby City Gami...
18 July 2018 - 8:00AM
Kentucky Horse Racing Commission Also
Conditionally Approves Ainsworth Game Technology Historical Racing
Operating System and Initial Group of Game Themes for Derby City
Gaming Machines
Churchill Downs Incorporated (“CDI”) (Nasdaq:CHDN) announced today
that it has received approval from the Kentucky Horse Racing
Commission (“KHRC”) to increase from 600 to 900 historical racing
machines for the opening of its new Derby City Gaming
facility. KHRC also conditionally approved the Ainsworth Game
Technology historical racing operating system and an initial group
of game themes for the Derby City Gaming machines. The nearly
complete 85,000-square-foot $65 million facility is scheduled to
open in September.
CDI requested the pre-opening addition of the
new machines due to widespread enthusiasm based on local and
statewide interest in the new venue. CDI anticipates
significant consumer demand for these machines which will have a
positive impact on Kentucky’s horse racing industry.
“We’re overwhelmed by the support we’ve received
since announcing Derby City Gaming—it’s clear that Kentuckians are
passionate about how the new HRM facility will strengthen the
Commonwealth’s horseracing industry,” said Kevin Flanery, President
of Churchill Downs Racetrack. “Derby City Gaming will support
Kentucky’s equine industry through larger purses and greater
incentives for breeders and owners. That’s important because a
stronger horse racing industry means a stronger Kentucky.”
Derby City Gaming will create a total of 450 new
local jobs, including 250 already involved in construction and an
estimated 200 new full- and part-time jobs to operate and manage
the facility. CDI will soon be hosting job fairs to help fill
these new positions.
Derby City Gaming will house two quick-service,
walk-up food venues, as well as a bar with seating for 50 and large
format televisions for guests to take in all the best sporting
action year-round. The facility will open with a player’s
club reward center offering special perks and benefits, including
an exclusive parking area for loyal guests.
Derby City Gaming is located at 4520 Poplar
Level Road – CDI’s former Trackside (also known as the former
Sports Spectrum) site, and conveniently located less than half a
mile from the Poplar Level Road exit off the Watterson Expressway
(I-264).
About Churchill Downs IncorporatedChurchill
Downs Incorporated, headquartered in Louisville, Ky., is an
industry-leading racing, gaming and online entertainment company
anchored by our iconic flagship event - The Kentucky Derby.
We are the largest legal online account wagering platform for
horseracing in the U.S., through our ownership of TwinSpires.com
and have announced our plans to enter the U.S. real money online
gaming and sports betting markets. We are also a leader in
brick-and-mortar casino gaming with approximately 10,000 gaming
positions in eight states. Additional information about CDI can be
found online at www.churchilldownsincorporated.com.
Information set forth in this press release contains various
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. The Private Securities Litigation Reform Act
of 1995 (the “Act”) provides certain “safe harbor” provisions for
forward-looking statements. All forward-looking statements
made in this press release are made pursuant to the Act.
The reader is cautioned that such forward-looking statements are
based on information available at the time and/or management’s good
faith belief with respect to future events, and are subject to
risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in the
statements. Forward-looking statements speak only as of the
date the statement was made. We assume no obligation to update
forward-looking information to reflect actual results, changes in
assumptions or changes in other factors affecting forward-looking
information. Forward-looking statements are typically identified by
the use of terms such as “anticipate,” “believe,” “could,”
“estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,”
“project,” “seek,” “should,” “will,” and similar words, although
some forward-looking statements are expressed differently.
Although we believe that the expectations reflected in such
forward-looking statements are reasonable, we can give no assurance
that such expectations will prove to be correct. Important factors
that could cause actual results to differ materially from
expectations include the following: the effect of economic
conditions on our consumers' confidence and discretionary spending
or our access to credit; additional or increased taxes and fees;
the effect of changes in tax laws on the Company or an investment
in our shares, including as a result of changes made pursuant to
recently enacted U.S. tax legislation; public perceptions or lack
of confidence in the integrity of our business; loss of key or
highly skilled personnel; restrictions in our debt facilities
limiting our flexibility to operate our business; general risks
related to real estate ownership, including fluctuations in market
values and environmental regulations; catastrophic events and
system failures disrupting our operations, including the impact of
natural and other disasters on our operations and our ability to
obtain insurance recoveries in respect of such losses; inability to
identify and complete acquisition, expansion or divestiture
projects, on time, on budget or as planned; difficulty in
integrating recent or future acquisitions into our operations;
legalization of online real money gaming in the United States, and
our ability to capitalize on and predict such legalization;
inability to respond to rapid technological changes in a timely
manner; inadvertent infringement of the intellectual property of
others; inability to protect our own intellectual property rights;
security breaches and other security risks related to our
technology, personal information, source code and other proprietary
information, including failure to comply with regulations and other
legal obligations relating to receiving, processing, storing and
using personal information; payment- related risks, such as
chargebacks for fraudulent credit card use; compliance with the
Foreign Corrupt Practices Act or applicable money-laundering
regulations; work stoppages and labor issues; difficulty in
attracting a sufficient number of horses and trainers for full
field horseraces; inability to negotiate agreements with industry
constituents, including horsemen and other racetracks; personal
injury litigation related to injuries occurring at our racetracks;
the inability of our totalisator company, United Tote, to maintain
its processes accurately, keep its technology current or maintain
its significant customers; weather conditions affecting our ability
to conduct live racing; increased competition in the horseracing
business; changes in the regulatory environment of our racing
operations; declining popularity in horseracing; seasonal
fluctuations in our horseracing business due to geographic
concentration of our operations; increased competition in our
casino business; changes in regulatory environment of our casino
business; development and expansion of casinos is costly and
susceptible to delays, cost overruns and other uncertainties;
concentration and evolution of slot machine manufacturing and other
technology conditions that could impose additional costs; impact of
further legislation prohibiting tobacco smoking; geographic
concentration of our casino business; changes in regulatory
environment for our advanced deposit wagering business; increase in
competition in the advanced deposit wagering business; inability to
retain current customers or attract new customers to our advanced
deposit wagering business; uncertainty and changes in the legal
landscape relating to our advanced deposit wagering business; and
failure to comply with laws requiring us to block access to certain
individuals could result in penalties or impairment in our ability
to offer advanced deposit wagering.
Contact: Nick Zangari(502) 394-1157Nick.Zangari@kyderby.com
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/0d266858-2e02-40b5-af6c-cdada4e89ad6
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