Kentucky Downs

Kentucky Downs

Ron Mitchell

Churchill Increases Kentucky Downs' Interest

The move would increase CDI's ownership of the Franklin, Ky., track to 10%.

Churchill Downs Inc. has agreed to purchase an additional interest in Kentucky Downs, the track in Franklin, Ky., that has seen a rise in business since the introduction of Instant Racing in late 2011.

CDI is purchasing a 5% interest in Kentucky Downs currently owned by Brad Kelley, according to documents filed with the Kentucky Horse Racing Commission, which will consider the purchase at its Feb. 15 meeting. If the request is approved. CDI would own 10% of the track.

A group of investors led by Corey Johnsen and Ray Reid own 85% of Kentucky Downs, with the other 5% owned by Turfway Park.

A form of electronic gaming that has been deemed pari-mutuel because all bets are pooled and the results of various video games are based on historical races, Instant Racing generated more than $19.52 million in wagering during the first three months after it was introduced at Kentucky Downs  Sept. 1, 2011. The form of wagering has been challenged in court and the state Supreme Court is deciding the issue.

The KHRC is also expected to consider a request by Kentucky Downs to add 75 Instant Racing terminals to the 200 that are already in operation.