Churchill Downs Incorporated and developer Charles J. Betters announced Tuesday that they have entered into a letter of intent in which CDI will be a partner and investor with Betters in the construction and development of Pittsburgh Palisades Park, a Thoroughbred racetrack operation proposed for the Hays area of Pittsburgh's south side. Pittsburgh Palisades Park currently has an application pending before the Pennsylvania Horse Racing Commission for a license to operate the racetrack. Under the proposal, CDI would develop and manage the racetrack operations and become an investor in Pittsburgh Palisades Park. Additionally, if alternative gaming legislation were to be approved in Pennsylvania, CDI would participate as an investor in the company that would operate gaming at the racetrack. "We are thrilled and delighted at the possibility that Churchill Downs Incorporated may come on board as our racetrack operator," said Betters. "There is no more famous race than the Kentucky Derby or more successful track operator in the world, and we are extremely proud to have CDI as a prospective partner in this effort."
"Churchill Downs Incorporated is excited about the potential of Pittsburgh Palisades Park and bringing the best in Thoroughbred racing to such a vibrant community and ardent sports town," added John Long, CDI's chief operating officer. "We're eager to partner in a development that would revitalize the Hays area of the city and bring our electrifying sport to Pittsburgh." CDI and Betters said that there are no assurances that the negotiations will lead to a definitive agreement, that any agreement between the parties will be consummated or that the project will be granted a racetrack license.