Churchill Downs, Inc. CEO Bill Carstanjen told the Richmond Times-Dispatch that the company's plans for Colonial Downs in New Kent, Va., include expanding the track's race dates, hosting a Kentucky Derby qualifying race, and adding to the number of Rosie's historical horse racing facilities.
“We're bringing our checkbook,” Carstanjen said.
CDI announced the purchase of Colonial Downs on Feb. 22. The $2.5 billion deal includes six historical horse racing facilities in Virginia, the del Lago Resort & Casino in Waterloo, New York, the operations of Hard Rock Hotel & Casino in Sioux City, Iowa, and the rights to Peninsula Pacific Entertainment's ongoing effort in partnership with Urban One to develop a destination casino in Richmond, Va.
Colonial Downs completed a record-setting meet in 2021, featuring 21 race days and an average daily betting handle of $2,240,000. A total of $10.4 million in purse monies were distributed and average field size was a healthy 8.36 starters per race.
The Virginia Racing Commission approved Colonial Downs to expand from 21 days to 27 race days in 2022, with dates from July 11 through Sept. 7.
Carstanjen hopes to increase the number of race dates, possibly up to 50, at Colonial Downs.
Immediately, CDI's plans involve expanding the number of Rosie's facilities from the six currently in operation to the maximum number allowed, ten across the state.
“We have a lot of confidence in our product,” Carstanjen told the Richmond Times-Dispatch. “We have a lot of confidence in our business model, which is very similar to Rosie's business model. So we think there's a niche for us that we've demonstrated in Kentucky, and think we will demonstrate in Virginia, even though there'll be more competition than there is currently.”
Read more at the Richmond Times-Dispatch.
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