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CDI Signs Agreement to Buy Ellis Park

Churchill Downs Incorporated announced that it has signed a definitive agreement to acquire Ellis Park Racing & Gaming in Henderson, Kentucky, from Enchantment Holdings, LLC, an affiliate of Laguna Development Corporation, for total consideration of $79 million in cash, subject to certain working capital and other purchase price adjustments. CDI will also assume Ellis Park's opportunity to construct a track extension facility in Owensboro, Kentucky.

“This is an exciting announcement for the horse racing industry, the cities of Henderson and Owensboro, and the entire Commonwealth of Kentucky,” said Kentucky Governor Andy Beshear. “Churchill Downs has proven it has the experience, resources, and desire to reinvigorate Ellis Park into a premier racing destination and provide unmatched gaming entertainment.”

Ellis Park, located north of the Ohio River and just south of Evansville, Indiana, also features a gaming facility venue with approximately 300 historical racing machines.

“We are very enthused to welcome Ellis Park to the Churchill Downs racing family,” said Bill Carstanjen, Chief Executive Officer of CDI. “Our team is committed to building a summer meet at the 'Pea Patch' that keeps more Kentucky-bred horses and Kentucky-based trainers' in their home state while attracting top horse racing talent from across the country to the Bluegrass State each July and August.”

The closing of the transaction is contingent upon approval by the Kentucky Horse Racing Commission. If change of control is approved, the parties expect to close the transaction shortly thereafter.

CDI has commenced planning to make both critical investments in the Ellis Park racing infrastructure and to construct Owensboro Racing & Gaming, a track extension and entertainment venue at Owensboro's Towne Square Mall that will feature 600 HRMs, a simulcast wagering center, and multiple food and beverage offerings. Over the next year, CDI expects its total investment in Henderson and Daviess Counties to be approximately $75 million in addition to the purchase price.

“The opportunity to bring Churchill Downs to Owensboro is particularly significant to us,” said Jason Sauer, Senior Vice President of Corporate Development for CDI, “We are eager to start the work to elevate Ellis Park's reputation as a summer destination for Thoroughbred racing while delivering a premier gaming and entertainment experience to Daviess County. We look forward to sharing more exciting details about our plans in the coming days.”

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CDI Names Gary Palmisano Executive Director of Racing

Gary Palmisano, Jr. has been promoted to Executive Director of Racing for Churchill Downs Incorporated, the company announced Monday. In this role, CDI says Palmisano will “support and enhance the Company's commitment to the U.S. Thoroughbred racing and breeding industry as well as focus on the implementation of standards and processes outlined in the Horse Racing Integrity and Safety Act” across CDI racing properties.

“Gary brings a wealth of varied industry experience that ideally positions him for success in this role,” said Bill Mudd, President and Chief Operating Officer at CDI. “In addition to strong relationships with key stakeholders, his unparalleled passion and vision for this sport will ensure that Churchill Downs and its racing assets remain progressive leaders in a rapidly-evolving industry.”

Prior to this promotion, Palmisano served in multiple roles at Churchill Downs Racetrack including Special Assistant to Track President, VIP Player Services Manager and, most recently, Director of Race Day Operations. Palmisano started his professional career in racing in Louisiana where he gained experience at Fair Grounds Race Course and with the Louisiana State Racing Commission.

“This opportunity is a lifelong dream realized for me,” said Palmisano. “Having grown up in the barn area of Fair Grounds Race Course with my dad, the late Gary Palmisano, Sr., being a longtime trainer and racing official, I quickly knew that racing would be my life's passion. Ever since moving to Louisville to pursue an Equine Business Degree at the University of Louisville and beginning my work as an intern at Churchill Downs Racetrack, I've maintained a focus on amassing as much knowledge as I could so I could serve the industry I love in a capacity like this.”

Palmisano's appointment as Executive Director of Racing will be effective immediately.

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Churchill, FanDuel Enter Into Agreement

Edited Press Release

Churchill Downs Incorporated has entered into a multi-year agreement with FanDuel Group involving different facets of FanDuel's sports wagering, advance deposit wagering and television business.

Under the Agreement, CDI will provide certain technology and services to enable FanDuel's customers to place pari-mutuel wagers on horse racing via FanDuel's sports wagering and ADW platforms. CDI will also authorize wagering on CDI's owned or controlled horse racing content via FanDuel's platforms in the United States and grant FanDuel certain television and media rights to broadcast CDI-owned racing content on FanDuel's television network(s). In addition, the Agreement provides FanDuel non-exclusive Kentucky Derby sponsorship rights within the sports wagering category.

Beginning in January 2023, FanDuel will pay for CDI technology and services provided by United Tote Company to facilitate pari-mutuel wagering on FanDuel's platforms in the United States, including FanDuel Sportsbook and TVG. As previously announced, CDI has entered into an agreement to sell 49% of United Tote to New York Racing Association (NYRA) in a transaction that is expected to close by the end of 2022.

CDI will provide FanDuel wagering rights to horse racing content owned or controlled by CDI, including the Kentucky Derby, and will receive customary content fees when FanDuel accepts wagers on CDI-owned content. FanDuel will also receive exclusive television rights to the racing content of all CDI Thoroughbred racetracks, including Churchill Downs, once its existing non-Derby media rights deal expires in 2023. The Agreement excludes certain specified racing content, including Kentucky Derby Week.

As part of the Agreement, FanDuel will also receive a non-exclusive sponsorship of the Kentucky Derby in the sports wagering category beginning in 2023 in exchange for an annual sponsorship fee.

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APBs: Derby Day ‘Rising Star’ Strobe Aiming for Fall Return

With the completely stunned Kentucky Derby day crowd of 147,294 beginning to file out following Rich Strike (Keen Ice)'s upset for the ages, Strobe (c, 3, Into Mischief–Flashing, by A.P. Indy) looked like he could be any kind while closing out the stacked 14-race card with a dominating 'TDN Rising Star' performance.

But where's the Godolphin homebred been since the first Saturday in May?

“He's just back with Brad [Cox] and slowly getting back going again,” Godolphin Director of Bloodstock Michael Banahan said.

“He had his first little work last week [three furlongs in :38.60 at Churchill Downs Aug. 19]. Hopefully, he'll be back in the fall in a non-winners of one and then we'll come up with a gameplan for him. He's exciting. He's a fast horse and we're looking forward to getting him back on the track again.”

As for the time off, Banahan added, “There were just little minor issues that he's had all along, so he just needed a little bit of time off again. Nothing major, just enough that we had to give him that time. That was all really. He responded well to treatment and rehab. We got him back to Brad's barn relatively quickly.”

Backed as the 8-5 favorite on debut off a series of sharp-looking works for Cox, Strobe blasted out to the front, set fractions of :21.73 and :45.34 and powered home impressively to score by 4 1/2 lengths over older horses while stopping the timer for six furlongs in a snappy 1:08.71. He earned a gaudy 99 Beyer Speed Figure for the effort. The field of 11 also included promising third-place finisher Elite Power (Curlin), who has since won two straight for Hall of Famer Bill Mott.

Strobe, one of 33 'Rising Stars' for Spendthrift Farm super sire Into Mischief, is out of Flashing, who carried the famed Godolphin blue silks to victories in the GI Test S. and GI Gazelle S. She has also produced Floodlight (Medaglia d'Oro), SW & MGSP-Fr. Strobe's extended female family includes Canadian champion Key to the Moon, GI Kentucky Oaks winner Seaside Attraction and GISW Gorgeous.

“He's a talented horse,” Banahan said. “It's just a matter of getting him to the racetrack again and seeing if we can put a few races together. We're excited to get him training again and hopefully we can pick up some nice races with him down the road.”

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