Churchill Downs Inc. has received approval for up to $1 million in Kentucky state tax incentives for a possible expansion at its Louisville, Ky., headquarters related to the company's online gambling business.
At a meeting Aug. 29, the Kentucky Economic Development Finance Authority approved the incentives for up to 10 years through the Kentucky Business Investment Program that provides income tax credits and wage assessments to new and existing agribusinesses, regional and national headquarters, manufacturing companies, and non-retail service or technology related companies that locate or expand operations in Kentucky.
According to the CDI filing with the state, CDI's proposed expansion would require an investment of $4 million in office lease expenses and capital equipment. It would add up to 50 new jobs with an average annual salary in excess of $100,000, the filing stated.
"As we've said for some time, CDI hopes to participate in the Internet gaming market emerging in the U.S.," CDI chairman and CEO Bob Evans said in a statement. "The addition of these staff is simply part of that effort and expands the technology team we already have based in Lexington, Atlanta, and Mountain View, Calif."