On a Thursday's third-quarter earnings call with investors, Churchill Downs Inc. CEO Bill Carstanjen announced that the company's construction of a new grandstand and historical racing facility at Turfway Park will be paused, reports the Thoroughbred Daily News. The announcement follows the Sept. 24 news of the Kentucky Supreme Court decision that the Encore brand of historical racing machine does not constitute legal pari-mutuel wagering.
“Regarding the Turfway Park HRM and grandstand project, we have temporarily paused the construction of this facility,” Carstanjen said. “In late September, the Kentucky Supreme Court issued a decision concerning the legality of the company called Exacta HRMs under Kentucky law. While we do not have any Exacta HRMs at any of our facilities, and therefore are not directly impacted by the Kentucky Supreme Court ruling, we feel it is prudent to refrain from further significant capital investment until the Kentucky legislature has an opportunity to review the decision and the technicalities in the current law during the legislative session starting in early 2021.”
Also on hold are a hotel and historical racing facility at Churchill Downs, though Carstanjen attributed that delay to the COVID-19 pandemic.
Both the Kentucky Horse Racing Commission and Keeneland have petitioned the Kentucky Supreme Court for a rehearing.
Read more at the Thoroughbred Daily News.
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